Brokers and lenders to get FCA fee cut

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Mortgage brokers and lenders will see their 2017/18 FCA fee fall 4.7 per cent, according to documents published this morning.

The FCA says brokers in the A18 fee block will see their fees fall 10.6 per cent from £18.2m in 2016/17 to £16.3m in 2017/18.

Mortgage lenders that are only regulated by the FCA will see their 2017/18 FCA fees fall 10.7 per cent to £16.6m when compared to 2016/17.

However, any brokers and advisers that are part of the FCA’s A.13 fee block have had a 4.7 per cent levy increase.

The regulator mooted the changes in April.

The FCA has also cleared up its stance on charging mortgage brokers a minimum of £303 a year for consumer credit fees, on top of their individual £1,095 minimum fees.

The regulator says firms only need to pay the consumer credit fees if they have consumer credit permissions.