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Fees clampdown could backfire has warned the Financial Services Authority’s clampdown on exit fees could lead to lenders massively hiking their arrangement fees.

The price comparison website says punitive measures handed out to banks and societies to put a stop to inflated fees and charges may give the impression the tide is turning in consumers’ favour. But it adds that profit-driven lenders will have to find ways to recoup revenues and that can only be from customers’ pockets.

Richard Brown, chief executive of, says: “Lenders are masters of making their products difficult to understand.

“As one lucrative revenue stream dries to a trickle and sizeable sums are handed out in refunds to former customers, we will see an increase in the arrangement fees being charged and more lenders will adopt dual pricing policies.”


Mark Chilton appointed CEO of Homeowners Mortgages

Mark Chilton has been appointed as the new chief executive officer of Network Data Holdings lender Homeowners Mortgages.Chilton has now relinquished his role as chief executive of brokerage Purely Mortgages. The high profile deal was agreed over the last two week, and Mortgage Strategy Online can reveal that Chilton started his new role today.Richard Griffiths, […]

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Gordon Brown might try to please his crowd

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