If we want to treat customers fairly, it is only right they should have choice. Customers should have access to qualified, professional, impartial advisers and the introduction of fees is likely to add a barrier to this.
This is likely to mean they will either look to the internet or to the banks, neither of which is likely to offer the best and most balanced solution for their needs.
I would like to see standard procuration fees introduced for different types of business and it would not be a bad thing if they were increased in the same way the lenders have increased their product booking/arrangement fees, or the FSA have increased their fees.
The problem with IFAs and brokers having to rely on fees is the lenders will just market themselves as the cheaper option. They have been prepared to fleece the public on PPI so how much more will be the incentive to do the same for loans supported by a mortgage deed?
Jim Payne, JPA Mortgages
What absolute nonsense, the FSA needs to realise the major danger to clients is the biased advice they get from banks et al. I have recently seen a client who was charged £5,341 including interest on a £10k loan.
FSA, please leave the small broker alone and focus on the culprits in most anti-client matters -the banks.