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ISCOVER
Staff Reporter
Premium Capital Finance Group has announced it will not impose any clawbacks on its broker partners.
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Following the introduction of the government’s exit fee ban, PCF has announced it will not charge deferred establishment fees on any loans submitted from today.
In addition, for the next three months, the group has said it will place an embargo on clawbacks.
“All loans submitted and settled from 1 July to 30 September will not incur any clawback of upfront commissions,” Premium Capital Finance’s head of sales Andrew Rae said.
“We will be issuing a formal notification to all of our introducers within the next 6 weeks advising what our clawback position will be. Whilst we will have to look at having clawbacks we will be coming up with what we regard as a fair and reasonable percentage of the upfront commission paid out. We want to take into account and acknowledge the hard work put in by our introducers when introducing a loan to PCF.”
But while the company will eventually look to claw back broker commissions, Mr Rae said these clawbacks will only be imposed on loans that are refinanced within 12 months.
“We truly value our introducers and will be formalising our policy to ensure fairness to all parties moving forward,” Mr Rae said.
