Bank of Ireland for Intermediaries announces enhancements for product transfers and further advances

10 January 2024

Bank of Ireland for Intermediaries is unveiling a range of enhancements to its product transfer and further advance offerings, including raising its procuration fee for product transfers and further advances from 0.25% to 0.30% effective 9th January 2024.

The increase in its procuration fee comes after significant investment in Bank of Ireland’s intermediary online platform to improve the experience for intermediaries and their customers. Recent enhancements include the introduction of the ‘Working With Us’ hub which provides access to all the resources needed for all stages of the application process and the launch of the Intermediary Live Chat facility, providing support with pre-application queries.

Bank of Ireland has also recently released new product transfer rates, and has enabled intermediaries and customers to confirm product transfer rates up to six months before the end of their current deal, which can be completed through its online product transfer service.

Speaking about the improvements, Alan Longhorn, Head of Sales, Distribution and Marketing at Bank of Ireland UK said:

“We recognise the hard work and important role that intermediaries undertake in supporting customers through product transfers and further advances, especially now, and see the increased procuration fee as a way of acknowledging their efforts.

“We are also pleased to be investing in our online servicing capabilities as part of our journey to serve our customers brilliantly and ensure they can access the right support for any queries as simply and easily as possible, and look forward to sharing further improvements in the months ahead.”