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Boiling point for brokers

Association of Mortgage Intermediaries director-general Chris Cummings warns brokers to expect a visit from the FSA, which is showing its teeth.

He also said that brokers may have to pay VAT on proc fees from retained business because it could be construed as a professional service.

Cummings said one in seven brokers are getting visits and he expects the FSA to get round to as many brokers as possible.

He describes the industry as a boiled frog because if a frog is in boiling water it jumps out but if it is in tepid water it stays and is boiled as the heat slowly rises. Cummings says the FSA is slowly turning up the heat.

Cummings said: “Brokers should not think that they will not be visited just because they are small. One in seven are being visited. The market is very hot and very competitive and we are having all the reviews but one of the great lies is that the FSA is here to help.”

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