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Fees clampdown could backfire

Moneynet.co.uk 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 Moneynet.co.uk, 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.”

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