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Brokers to fight FSA over plan to raise fees

The Association of Mortgage Intermediaries is battling the Financial Services Authority over its proposed fee hikes and has formed an action group to tackle the issue.

AMI, along with the Association of Independent Financial Advisers, has launched the Regulatory Fees Strategy Group and is rallying members from both associations to sign up.

It wants to see the fees in 2009/10 revised and the FSA’s budgeting process overseen by the National Audit Office.

But Tony Catt, sole practitioner at Tony Catt Independent Financial Advisers, is sceptical about the move. He says: “The FSA seems to do whatever it likes with IFAs, but treads carefullywhen regulating banks.

“AIFA has no teeth. It can lobby the FSA but it will not achieve anything. These are the rules and we have to accept them.”

The Regulatory Fees Strategy Group will be chaired by Chris Cummings, director-general of both AMI and AIFA.

He says: “The proposals set out in the FSA’s consultation paper pose a grave threat.”

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