The Mortgage Code Compliance Board (MCCB) has increased its registration fees by 17%, meaning members could have to pay around £35 extra a year, writes Kirstie Redford.
The MCCB has blamed tax liability for the increase, which will apply to members for the next renewal year. Members could see annual costs rising from £205 to around £240.
Brad Baker, spokesperson for the MCCB, said: ‘Registration fees have increased due to VAT liability. The general impact for brokers will be around a 17% increase on last year’s fees.’
The news follows recent denials from the MCCB of stealth charges, with the introduction of the ‘fitness and propriety test’, rumoured to cost an extra £117 a year. The regulator has confirmed that new members will have to pay, but there will be no separate fee for existing members.
Baker said: ‘There has been some confusion over the fitness and propriety test, but there will be no extra cost for existing members, just new firms.’