You are here: Home - News -

FCA cuts mortgage broker fees for 2017/18

by:
  • 03/07/2017
  • 0
FCA cuts mortgage broker fees for 2017/18
Mortgage intermediaries will see a reduction in the fees they must pay to the Financial Conduct Authority (FCA) for 2017/2018.

Advisers falling into the A18 fee block, home finance providers, advisers and arrangers, will the see the total bill for this category fall from £18.2m to £16.3%, a drop of 10.6%. Lenders falling into the A2 category for home finance providers and adminstrators will see a bill reduction of 10.7% from £18.6m to £16.6m.

Firms which have consumer credit permissions, for example to undertake debt counselling, will pay the same fees as other firms in the CC2 fee block. The lowest minimum fee is £303 where income from any of the activities covered by this category is below £50,000.

The FCA has confirmed that firms only pay fees in the consumer credit fee blocks if they have applied for and have been given permission to undertake consumer credit activities. It added that it was for firms to judge whether they need consumer credit permissions to do their business, and which permissions they may need.

The regulator has provided an online fees calculator for firms to calculate their own individual liabilities based on the final rates listed in appendix 1 of the policy document.

This includes FCA periodic fees, the Financial Ombudsman Service general levies, the Money Advice Service levies, pensions guidance levies and Illegal Money Lending levy.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
wooden gavel
Spiritualist faith healer and mortgage fraud gang ordered to repay £4.3m

A self-proclaimed spiritualist faith healer and his mortgage fraud gang who used donations from followers to set up a portfolio...

Close