All several hundred mortgage club members have been transferred to Sesame Bankhall under a deal thought to have been struck in November last year.
John Cupis, managing director mortgages, Sesame Bankhall, said: “The Paymentshield Mortgage Club is now officially closed and the transition for its members has been a smooth one.
“We are delighted to be working with Paymentshield and providing a first class mortgage club for Paymentshield members.”
One source close to the deal added: “The Paymentshield Mortgage Club was never going to set the world on fire – they just didn’t have the distribution and you need that to secure the best lender exclusives. That said, it has several hundred members writing general insurance and protection business – as well as mortgages – and I’m sure that will make a notable overall contribution to Sesame Bankhall.”
Last month Sesame Bankhall launched its GI portal – powered by Paymentshield’s technology – giving access to products including building and contents, landlords insurance and mortgage payment protection insurance from insurers including RSA, Aviva, Ageas and Allianz.
And just yesterday Openwork said it had also signed a long term contractual agreement with Paymentshield for general insurance.
The deal, which followed a formal tendering process conducted in the second half of 2012, will see all Openwork advisers utilising Paymentshield’s new panel proposition.
Paymentshield was unavailable to comment.
