I was shocked to learn that brokers can look forward to paying a minimum fee of 1,000 to be regulated by the FSA.
As usual, nobody is standing up for the interests of small firms – the sector that keeps this country going.
Because of the actions of big banks and other financial institutions that the FSA has failed to supervise properly we are now doing a fraction of the business we used to.
We pose little risk to anyone so our regulatory fees should come down. But if we do two mortgages a month in this climate and get, say, £300 in commission the FSA wants a third of it. By the time we pay our other costs it’s just not worth the effort. Lose brokers and consumers will really suffer.
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