Which? says the Financial Services Authority should name and shame lenders that won’t put a stop to increasing mortgage exit administration fees.
This follows the regulator’s pledge to investigate lenders who increase their mortgage exit administration fees beyond that originally quoted to the customer.
Emma Bandey, personal finance campaigner at Which?, says: “Which? welcomes the work the FSA has done to put a stop to ever-increasing mortgage exit administration fees.
“We now urge consumers to challenge their provider if they feel they have paid more than they originally agreed in their mortgage contract.
“In a similar vein to unauthorised overdraft charges, these fees should only represent the administration costs involved.
“They should not be endlessly escalating, arbitrary figures and lenders must be able to justify them.
“The next step for the FSA is to name and shame those that won’t comply.”