Last month Network Data launched a campaign called L&G-it to encourage firms to break away from L&G, claiming that many L&G agents were unhappy with the choices being offered to them but feared losing pipeline and renewal commission if they left.
All L&G agents are being audited to ensure they will be compliant after ‘Mortgage Day’, with those who fail being offered the chance to join firms who have passed.
Peter Timberlake, spokesman for L&G, said: We would encourage any of our business partners who wish to discuss their options and the strength of The Legal & General Partnership proposition to talk to their L&G regional management team rather than giving undue credence to the comments of third parties with no connection to The L&G Partnership.”
Richard Griffiths, managing director of Network Data, responded: “L&G are not offering an option for small brokers, they are cherry-picking the bigger players.”
Griffiths went on to say that over 20 firms had approached him in response to his campaign.
Chris May, director of The Mortgage Times Group, said: “Such incidents prove that our market is highly competitive and brokers can now move in a free market regardless of the company’s size.”
