View more on these topics

AMI slams ‘too big to care’ FCA over fee changes

FCA logo glass 2 620x430

The Association of Mortgage Intermediaries has slammed the FCA for rushing out news of fee changes on the day of the Brexit result.

AMI chief executive Robert Sinclair says the regulator is rolling out its proposed new fee rates without its usual feedback and policy statement.

He says: “This means that firms may be able to now see their actual fees through the calculator, but as we have not been advised – we do not know.

“What is certain is that invoices will now start landing on doormats. We are promised the feedback statement in due course, but when remains a mystery. We cannot tell if any account has been taken of our submissions.”

Sinclair says that the FCA seems to not care for the firms that fund it.

He says: “It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist.

“To slip this out on a busy news day smacks of all that is wrong with a too big to care regulator. The sooner Andrew Bailey arrives and gets a grip of the organisation the better.”

In response, an FCA spokeswoman says a policy statement will be published tomorrow.

She says: “Nobody can see their fees. The fees calculator still shows consultation fees. The final fees will go live when the policy statement goes live tomorrow.”

Last Friday changed its handbook to raise fees in 2016/17. The fee hikes will pay for the Financial Ombudsman Service, Money Advice Service, Pension Wise and other services.


FCA logo new 3 620x430

FCA: EU negotiations will shape future of regulation

The FCA says regulation will be shaped by the negotiations to come on the future relationship between the UK and the EU. In a statement this morning, the regulator says the vote to leave the EU will have “significant implications” for the UK and for financial regulation. It says it is in very close contact […]

FCA logo new 3 620x430

FCA fines double for individuals but drop for firms

The value of FCA fines against individuals more than doubled in the past year to reach £17m while fines against companies dropped by more than one third, according to law firm Clyde & Co. In 2014/15, individuals were fined £7m. In the same period companies were fined £1.4bn which dropped to £880m in 2015/16. Overall […]


FCA authorisations hit by consumer credit backlog

A backlog of consumer credit applications is the driver behind delays in the FCA’s authorisation process, insiders claim. Money Marketing understands that in May the regulator took 18 weeks to appoint a case handler for authorisation applications, which it expects to drop to 14 weeks by the end of June. This is a lag on […]


News and expert analysis straight to your inbox

Sign up