AMI disappointed and concerned by FCA fee stance

Published on

The Association of Mortgage Intermediaries (AMI) has expressed its frustration with the FCA over the regulator’s consultation on fees.

The trade body said that the five weeks allotted represented the shortest consolation on fees “in memory”, and that, for the first time, there was not a published business plan to underpin the budget.

AMI also slammed the introduction of a new levy on networks which was not consulted on in the November policy proposals, and criticised the regulator over significant increases to the minimum fee on consumer credit where its members have no income, “despite prior assurances”.

Finally, AMI noted that the FCA as significantly increasing their budgets by restating the categories of charge – increasing application fees with no commensurate reduction in on-going costs.

Robert Sinclair, chief executive of AMI, said: “It is disappointing that having acknowledged the huge spike in FSCS costs, the FCA is also intent on increasing the cost burden on firms at a time of falling revenues.  In apologising for having failed a number of consumers, it is again the good firms who remain who are picking up the bill.

“I am particularly concerned that having found issues in controls over Appointed Representatives (ARs) in the Investments and General Insurance space, a broad brush approach has been applied without consultation.

“To add a cost of £250 for each AR to a mortgage network without evidence of harm seems unfair. AMI will be challenging this rushed change to the rules and the cost to firms robustly.

“For what is another significant addition of new fee classes and costs, a five week response time leaves us very limited time to consult with our membership.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

more2life urges FCA to mandate signposting of all later life lending products

more2life chief executive Dave Harris has called on the Financial Conduct Authority (FCA) to...

Residential transactions up 17% in May despite ongoing uncertainty

UK residential property transactions rose 17% in May 2026 compared with the same month...

Paragon Bank launches £1,000 cashback deal

Paragon Bank is offering £1,000 cashback across 21 products within its buy-to-let mortgage range. The...

Atom bank launches 95% LTV near prime mortgages

Atom bank has launched a 95% LTV near prime range and reduced rates across...

Just Mortgages self-employed division nears 500 advisers after 10 years

Just Mortgages is celebrating 10 years of its self-employed division after growing from just...

Latest publication

Other news

more2life urges FCA to mandate signposting of all later life lending products

more2life chief executive Dave Harris has called on the Financial Conduct Authority (FCA) to...

Residential transactions up 17% in May despite ongoing uncertainty

UK residential property transactions rose 17% in May 2026 compared with the same month...

Paragon Bank launches £1,000 cashback deal

Paragon Bank is offering £1,000 cashback across 21 products within its buy-to-let mortgage range. The...