The panel will consist of lenders that have agreed to certain commitments with AMPD, such as exclusive products. The names of the lenders on the premier panel are due to be announced on 9 July and Eddie Smith, director of operations at AMPD, said some may be surprised that the final list consists of only 10 lenders from the 30 that it works with, with several big names missing.
get the daily news delivered to your inbox
AMPD will continue to do business with the other lenders, which will remain on its lender panel, but attention will be focused on the premier lenders.
Smith said: “You can’t really lend to the same level with a multitude of lenders. There are benefits on both sides to this and some lenders fell down because they couldn’t commit to the technology as quickly as we wanted or the fact the procuration fee will include a fee to AMPD for marketing.
“We wanted to create a robust commitment on both sides. We will have quick routes to the lenders and they will get a quick response from us. We will work to understand what they want. There is room for the panel to grow; the doors are not closed.”
Download our news ticker
However, Rod Murdison, proprietor of Murdison & Browning, said: “The advisers’ first obligation is to the public. If AMPD is giving preferential treatment to someone introducing business, it’s not preferential treatment for the customer. I’m always surprised by panels, because unless they have a substantial number on it, if you don’t go on rate, you have to go on service.”
