View more on these topics

FCA moots 10% broker fee cut

Mortgage brokers could see their Financial Conduct Authority fees drop by 10.7 per cent under new proposals unveiled today.

An FCA levy consultation suggests that firms in the A.18 home finance provider category would pay £16.3m for 2017/18, compared to £18.2m in 2016/17.

The consultation closes on 9 June and intermediaries would get bills after that date.

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

The regulator is also proposing to increase its flat fees by 1 per cent.

The FCA consultation says: “We are proposing to increase 2017/18 minimum and flat fees by 1 per cent to reflect the inflation increase in our ongoing regulatory activities (ORA).”

Last year the FCA increased its broker fees by 7.1 per cent to cover the costs of implementing the Mortgage Credit Directive.

The ‘home finance providers and administrators’ fee block paid £17.3m in 2015/16.

Recommended

FCA logo new 3 620x430

FCA to investigate interest-only market

The Financial Conduct Authority has announced it will investigate lenders with interest-only mortgage books to make sure customers are being treated fairly. The regulator unveiled the thematic review in its 2017/18 business plan today. The business plan says: “Around 1.8 million UK home owners currently have outstanding interest-only mortgages (excluding buy-to-let), and many do not […]

FCA logo new 3 620x430

FCA to monitor financial advisers saying ‘relatively few’ are transparent

The FCA has pledged to continue to monitor the suitability of advice in its review of the retail investments sector and says “relatively few” advisers are transparent about pricing before they sell advice. The regulator today published its “sector views”, giving an overall view of how it considers the markets it regulates performed between June 2015 […]

FCA logo new 3 620x430
7

AMI warns FCA proc fee ban would harm consumers

Any move by the Financial Conduct Authority to ban procuration fees in favour of charging for advice would be harmful to consumers, the Association of Mortgage Intermediaries has warned. The regulator is currently looking at proc fees as part of a wider consultation mortgage remuneration. The latest AMI quarterly review says: “In order to pay […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]

Retirement - thumbnail

Has Britain really stopped saving?

By Steve Webb, Director of Policy and External Communications Our latest policy paper reveals what the fall in the savings ratio does (and doesn’t) mean In June 2017, the Office for National Statistics published its estimates for the ‘savings ratio’ for the first quarter of 2017. This is essentially a measure of the percentage of […]