All products are included other than near-prime, to which £500 cashback is given.
Kensington already accounts for a significant proportion of Optoma’s business, through a range of over 800 products. Optoma has secured the increased cashback by sacrificing some of its own proc fee.
Optoma chairman Andrew Seymour said: “These products will prick a few consciences. A lot is being said about treating customers fairly; well surely it is fair to offer customers the best possible product.
“Optoma’s attitude is to drive business volume by benefiting the customer. Advisers will still receive a proc fee of up to 1%, which we think is appropriate. We are delighted that Kensington has shown such support for our model and we were comfortable to sacrifice some of our own margin to make it work.”
Optoma’s operations director Harpal Singh said: “Kensington has evolved significantly this year, launching a Near Prime range as well as fixed and capped rates with no early repayment charge (ERC) tail. The VL1 product can be fixed at 5.64% for three years, which is nearly 0.5% lower than the closest BM Solutions product. Throw in the £1000 cash back and it is an even better deal for the consumer.”
