30 July 2008
Platform condenses packager panel to manage
funds more effectively
Platform, the intermediary lender of Britannia, has
announced today that due to ongoing challenging market conditions
and to manage business volumes to funds available more effectively,
it has reduced the number of business partners on its packager
panel.
The decision follows a standard ongoing review to measure and
evaluate the effectiveness of its business partner relationships
and means that going forward, the company will now trade with
sixteen packaged business partners only.
Jason Berry, Platform’s Head of Sales said: “Due to the ongoing
conditions in the market, Platform has a limited volume of funds to
lend. In order to ensure we are not exceeding this limit, we need
to carefully manage distribution.
By working with a smaller number of our packager partners who
provide the best overall quality of business, we hope to be in a
position to manage volumes more effectively whilst providing an
increased level of focus and support.
“Platform acknowledges the important role that packagers play in
the mortgage market and is fully committed to offering its
intermediary partners the choice of submitting business directly as
well as via a packager. Whilst this is a regrettable decision, I
believe it is the right one to make to ensure that we can continue
to serve the needs of our customers.”
Dev Malle, Sales Director at Personal Touch Financial Services
said: “Personal Touch has a long term distribution relationship
with Platform from both direct and packaged channels. It is clear
to see that the ongoing challenging market conditions have led
Platform to make this difficult decision and in doing so, they have
evidently shown that they will continue to support distribution in
the intermediary sector where long standing and tested
relationships are involved.”
Those affected packagers have all been informed of this latest
decision and have been made aware that when its volume appetite
allows and should market conditions improve, Platform will be more
than happy to enter into new dialogue about how mutual
opportunities can be maximised in the future.
Affected companies have also been informed that from 1 September
2008, they can still continue to send cases to Platform on an
unpackaged basis using its online ‘click’ facility.
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