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Cummings confident over fee instalments for loan firms

Association of Mortgage Intermediaries director Chris Cummings says he is confident that an announcement will be made “very soon” by the FSA on mortgage intermediaries pay- ing their regulatory fees by instalments.

The AMI is meeting with the FSA again this week to discuss the scheme.

Cummings says he is still in discussions with the FSA on a number of issues, including how the credit policy to pay instalments is to be applied, assurances of financial backing for the credit policy and an assurance that intermediaries who do not take up an instalment option will not not penalised.

He says an instalments scheme would help budgeting and ease cashflow for firms, especially smaller businesses.

Cummings says: “We expect an announcement very soon on this. The aim is to make sure that this gets out before this year’s invoices. We believe the announcement will be a good outcome for mortgage intermediaries.”


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