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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.”

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