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MCCB to increase broker fees

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  • 15/02/2002
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The Mortgage Code Compliance Board (MCCB) has increased its registration fees by 17%, meaning member...

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.’


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