The Principality Building Society is to pay a retention procuration fee of 0.20% to intermediaries for recommending a product transfer.

The introduction of retention procuration fees will take place “later this year”. the mutual said.

Shaun Middleton, Principality Building Society’s head of regulated sales and intermediaries, said: “As part of our ongoing commitment to our broker partnerships and the intermediary market in general, we’re pleased to confirm that we will be paying a retention procuration fee of 0.20%.

“We’re making these changes to reflect the work done by brokers in cases where a product switch, rather than a re-mortgage, is the best advice for the customer. We are currently developing the system functionality to allow for this launch.”