While some of the points raised are fair, other master brokers, such as ourselves, fall into a different category. We purposely set out to design and deliver technology which will allow the introducer to control the sale. We also aim to provide the relevant information to the broker at the point-of-sale, such as early redemption illustrations and notes about the lender.
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Yes, we have a market leading software solution. Yes, it gives the broker more control. Yes, we aim to pay our introducing brokers significantly more than the norm. However, what we won’t compromise on is quality, compliance and ‘Treating Customers Fairly’.
The fact that seems to have been missed is that, because of our technology and the fact we have less people involved in the decision-making and sales process, we can reduce our costs and therefore increase introducer commissions without compromising the business model. I suspect that, within the business models of those airing concerns, their internal processes do not allow them to pay similar levels of commission. We recognise that our proposition is different to anything that’s currently available and therefore it may take some time for brokers to cotton on to the benefits they can gain from using us for both sourcing and completing their secured loan enquiries.
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So we’re prepared to pay top commission levels, firstly to get our proposition noticed, and secondly because our business model supports this. Because we’ve invested so much time and money in technology, we believe our brokers can have their cake and eat it.
Steve Walker
Managing director
Promise Finance
