Bank of Ireland for Intermediaries is to offer a gross retention procuration fee of 0.25% to brokers when transferring Bank of Ireland existing customers.

Alison Pallett, director of sales at Bank of Ireland for Intermediaries, said: “We have close working relationships with our partners’ networks and are seeking to introduce improvements in response to changes in the market and to make it easier for brokers to do business with us.

“The payment of a retention procuration fee recognises the additional work brokers are now required to carry out when offering full advice to customers who stay with their existing lender.

“This is the right thing to do and we are pleased to introduce the payment with immediate effect.”

Paul Shearman, proposition director at Openwork, added: “I am delighted to see Bank of Ireland rewarding advisers for their work in managing on-going relationships with clients. More lenders will follow and I believe that retention fees will be the norm within the next 18 months.

“Bank of Ireland has already proved to be a popular member of Openwork’s panel and this move will help take our relationship to the next level.”