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FSA says mortgage proc fees could be scrapped

The FSA says it may scrap the payment of mortgage proc fees and introduce adviser charging instead in a bid to stamp out product bias.

Speaking at an FSA Mortgage Conference today, FSA director of retail policy & conduct risk Dan Waters said: “We’re left with questions about whether we should take a firmer view on remuneration arrangements and on excessive fees for certain products.

“The Retail Distribution Review aims to reduce the conflicts of interest inherent in remuneration practices in the investment market.

“The proposal we have put forward and expect to consult on is adviser charging, which ends the setting of commission levels by providers and is intended to deliver a knock-out blow to product bias.

“We must consider whether such a structural intervention in the mortgage market might deliver similar benefits to consumers.”


Pay as you go Sipps to ensure fairness

Platform providers should opt for a pay-as-you-go charging structure on Sipps to ensure that clients are only charged for the functionality they require, says Scottish Life sales director Jim Smith.

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


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