The Financial Services Authority has cut the annual fees mortgage firms have to pay.
The minimum fee for mortgage firms has been reduced to 650 for 2007/ 08 from 699 in 2006/07. The fee for the Financial Ombudsman Service will be 50.
The FSA says these reductions are because of higher than expected busi-ness volumes as well as there being more firms in some fee blocks than others. Graeme Ashley-Fenn, director of the contact, revenue and information management division at the FSA, says: “Fees will be lower than thoseproposed during the recent consultation.”
Peter O’Donovan, mortgage manager at Bestinvest, says: “Any reduction in fees is good and will help smaller brokers in particular. It’s good to see the FSA is looking at its fees and changing them.”