JEREZ 2006: No decrease in fees says FSA

Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, says there will be no decrease in broker fees until its goals are met.

Lord says that despite regulation costing firms more and the FSA working more closely with trade bodies, there will no immediate decrease in broker fees.

He says: This is short-term pay for a long-term goal. We need to make sure that we get good business practice. If we move to a market that is less regulated, that would be great and we would decrease the fee, however a lot still needs to be done before this can happen.