Your Industry  

Cater Allen to offer products to introduced clients

Cater Allen to offer products to introduced clients

Private bank Cater Allen has removed its no cross sale guarantee from its terms and conditions.

On 2nd September, advisers on forum LifeTalk raised an issue over letters that had been sent to them from Cater Allen, in which it said it was withdrawing their no cross-sale guarantee.

The bank, which is part of Santander, made the changes as part of a recent review of its commission policy and its intermediary terms and conditions.

Article continues after advert

It will mean Cater Allen or Santander Group will be able to offer products and services directly to introduced customers.

A spokesman for Cater Allen said: “Following this review, Cater Allen has taken the decision to remove all commission paid to intermediaries for both new and existing client introductions.

“This will improve transparency for clients, is in line with market conditions and takes into consideration a changing regulatory environment.

“The bank is writing to intermediaries affected by these changes to provide more details and information on what this will mean for them.”

The changes started in May 2015 and are expected to be largely completed by January 2016.