View more on these topics

HMRC increases anti-money laundering supervision fees

Companies that register with HMRC for money laundering supervision will see charges upped from 1 May 2019.

HMRC says that, from this date, businesses will have to pay an application charge of £100, a registration fee of £300 for each premises included in the application (up from £130), £150 for each person covered by a fit and proper test (up from £100) and, for some firms, such as estate agencies, an approval process fee of £40 per head.

The annual renewal fee, meanwhile, will increase from £130 to £300 for each premises.

Businesses with less than £5,000 of annual turnover qualify for a small business reduction.

NAEA Propertymark chief executive Mark Hayward comments: “While we welcome the increased resources from HMRC to tackle the issues around anti-money laundering, we are somewhat surprised at the significant uplift in fees in the region of 250 per cent, particularly at a time when the industry is beleaguered by additional legislation.

“However, we look forward to seeing more enforcement activity as a result of the increase.”

Brokers have recently been warned to be on their guard against money laundering as the government launches a clampdown on the property industry.


FCA logo glass 3 620x430

FCA to analyse impact of regulation on smaller brokers and lenders

The FCA has announced a project to better understand how its rules affect smaller firms, including mortgage advisers and lenders. The regulator published a note today informing firms that it would soon conduct a survey to specifically identify how FCA rules impact them, to “help ensure FCA cost benefit analyses and judgements of proportionality take […]

FCA interior 620x430

Glenhawk looks to expand offering with FCA regulation

Property finance lender Glenhawk is looking to become FCA regulated by Q1 2019. The lender says that this will enable it to broaden its product range to include long-term consumer-facing products, and that it has plans to enter the buy-to-let, homeowner, and end of life sectors. It adds that there will be a particular focus […]


London Money launches new website and rebrands

London Money has launched a new website, as well as rebranded to ‘The Money Group.’ The firm which currently has offices based in London, Manchester, Cardiff, Yorkshire, Teesside and Durham, also plans to add three more within the next six months. The Money Group director Martin Stewart comments: “This is the next natural evolutionary step […]


News and expert analysis straight to your inbox

Sign up