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FCA preparing fees support package for smaller firms – exclusive

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  • 31/03/2020
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FCA preparing fees support package for smaller firms – exclusive
The Financial Conduct Authority (FCA) is preparing a package of fees support for its smaller regulated firms to help them through the Covid-19 crisis.

 

It appears the regulator is aware of concerns that broker firms may have about making ends meet as a result of the government’s coronavirus restrictions.

The regulator told Mortgage Solutions it will be unveiling the proposals, which include extending payment deadlines, in its fees consultation next month.

However, any changes will not take effect until July.

Last week Mortgage Solutions reported that brokers and networks were already calling for the regulator to temporarily waive or reduce fees, with cases collapsing and income streams potentially faltering.

An FCA spokeswoman said: “We are currently working on a package of measures which will help address the concerns that the 49,000 medium and smaller firms, who pay less than £10,000, have about paying our fees including ensuring they have more time to pay.

“These invoices will be issued from July onwards and we will provide further details of our proposed measures in the fees consultation paper published in April.”

 

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