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MCCB surplus to fund FSA fee cut for brokers

The surplus funds from the Mortgage Code Compliance Board are to pay for a reduction in FSA fees and to fund the training of brokers.

Around half a million will be passed to the FSA to fund a reduction in brokers’ FSA fees in the next fee cycle.

Money will also go to the Chartered Insurance Institute and the Chartered Institute of Bankers Scotland. The fate of the money has provoked a great deal of debate among mortgage brokers.

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