Woolwich is to launch a new distribution system for 2009, which will see the bigger networks and clubs given individual tranches of funding.
As part of the arrangement, Woolwich will be running a funding desk, which members of the biggest networks and clubs can contact through a single telephone number. Once through, they will be asked to identify which distributor they are a member of, at which point Woolwich staff will access the tranche of funds available to that distributor.
The broker can then book the funds for their customer, and have 48 hours to submit the business to Woolwich.
The smaller networks and clubs will have a single tranche of funds between them.
David Finlay, intermediary business director at Woolwich, reveals the lender had responded to some of the adverse feedback it had received for the withdrawal of products, and suggested the move would give intermediaries greater security in securing funds for their clients.
He continues: "This will be the plan for 2009 - we will be monitoring it on a daily basis, and will be discussing the MI with the distributors on a monthly basis. We have to make sure it is not being abused.
"It has had a good response from the firms we have discussed it with. From their perspective, it helps with the planning side, improves their proposition, and gives them an idea of what we are doing."IFAonline
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