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AMI slams ‘underhand’ FSA fees rise

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  • 31/05/2012
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AMI slams ‘underhand’ FSA fees rise
The Association of Mortgage Intermediaries (AMI) has criticised the outcome of the FSA's fees consultation.

The trade body was consulted by the FSA and admits it has been left disappointed by the final report which will see mortgage broker fees rise by 9.2%.

AMI claims that the FSA initially used historic data in an attempt to hide the real impacts of the final rules.

A statement by the organisation said: “At best it lacked competence, at worst it appears underhand.

“With the 10% increase in FSA fees for brokers, we also have higher MAS costs, and for those carrying insurance permissions, the FSCS levy to cover PPI will make a huge difference. Total regulatory costs could rise by more than 40%.”

Robert Sinclair, director at AMI, added: “The policy statement explained the changes in a short paragraph, but there has been no dialogue, or openness via the process.

“I am concerned that the newly divided FSA risks losing industry respect. With fewer firms and pressure on incomes, the new regulatory framework must reduce its costs, not continue to load their expenses on to responsible firms.”

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