The Mortgage Code Compliance Board has announced that the fees for its final six month renewal period are considerably below the pro-rata 2003/4 levels.
The renewal fee for an intermediary firm with a single sales person would be £40, a firm with 8 sales staff would pay a fee of £320, firms with 12 sales people would pay £420 and for a very large intermediary firm with 1,200 sales staff the fee is £18,000.
Chief executive Luke March says: “We are pleased that the Mortgage Board's careful financial management has enabled us to reduce fees for lenders and intermediaries. A seamless transition to the FSA on Mortgage Day has always been the goal of the Treasury, FSA and MCCB, with the full support of the industry. As well as ensuring that the industry's reputation is maintained through continuity of consumer protection arrangements, a full renewal will allow all firms in good standing to receive due credit towards FSA authorisation.”