The new scheme, which is funded by Exclusive Connections, has put insurance in place to ensure the broker is paid the fees due to them from the lender on completed business even if the packager handling the case or the lender involved goes out of business and are unable to honour their commitment.
Glen Smith, director at Opal Home Loans, said “Our commitment is to the broker community and whilst we know brokers have fallen foul of some other packagers that have been forced into administration, we simply wish to give our brokers complete confidence that their income streams are protected going forward.”
Matthew Arena, managing director of Exclusive Connections, added, “We felt it was important to look at transparent guarantees for members and their introducers to give them the confidence to know that with this independent cover they have complete peace of mind with a cast iron guarantee that all fee payments will be honoured regardless.”
