The Association of Mortgage Intermediaries (AMI) has criticised the Financial Conduct Authority (FCA) over its business plan and annual fees consultation for 2016.
AMI said the FCA issued a handbook notice on Friday, during the immediate Brexit crisis, which advised that they have implemented the new fees rates without providing their usual feedback and policy statement. In addition this was not advised to stakeholders or overtly published on their website.
AMI argues that firms may be able to now see their actual fees through the calculator, but as the trade body has not been advised – it does not know.
In a statement, AMI said: “What is certain is that invoices will now start landing on doormats. We are promised the feedback statement in due course, but when remains a mystery. We cannot tell if any account has been taken of our submissions.”
Robert Sinclair (pictured), chief executive of AMI, said: “The FCA appears to care little for the organisations’ that fund it. It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist.
“To slip this out on a busy news day smacks of all that is wrong with a too big to care regulator. The sooner Andrew Bailey arrives and gets a grip of the organisation the better.”
