The Association of Mortgage Intermediaries (AMI) has issued a number of objections to proposals in the latest FCA fees consultation.
Objections covered the following:
- the overall rise in costs
- the rise in the minimum fee
- the increases in the fees for mortgage and protection firms
- the scale of the fees for consumer credit authorisation even where no income is allocated
- the addition of consumer buy to let fees which most firms already include in their declared income.
AMI said it is “deeply concerned” that despite the FCA receiving a significant number of responses challenging the proposals no meaningful changes have been made.
Robert Sinclair (pictured), chief executive of AMI, said: “The failure of the FCA to accept any of the arguments offered says much about the current mentality of the organisation as it evolves into a competition authority. The industry is expected to pay for this both in terms of cost and continued damage as it will undoubtedly be found wanting as a new landscape is carved by the changing regime.
“There appears no appreciation that the fees being added combined with the surprise elements of FSCS levies are imposing costs that challenge the budget management of firms.
“AMI regrets that its case has been ignored to date. The arguments we have proffered are no less valid. It appears that they need to be taken to a wider audience in order to be heard.
“In addition, we have been asking for more information on the data that underlies the FSCS levies. The FCA is not communicating with us as fully as we would like on this topic.”
Sinclair said that the AMI Board is considering its next actions.
