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MMR plans could see move to fees

Nationwide Building Society head of intermediary sales Ian Andrew says if the recent proposals in the FSA’s distribution and disclosure consultation paper become rules, more intermediaries could adopt a fee-charging model.

In its recent mortgage market review consultation paper, the FSA proposed brokers would no longer have to issue a key facts illustration when advising on direct-only deals. Some say this could lead to more brokers charging for their services when advising on direct-only deals.

At the CML conference, Andrew said: “One major brokerage in the UK adopted the principle where its advisers would offer customers direct-only deals as well as intermediary deals. They adopted a fee-charging model and it has worked out well for them.

“I think, depending on the outcome of the consultation paper, you may well see more intermediaries starting to build direct-only propositions and start charging a fee for them.”


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