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Reaction to the FSA’s suggestion that proc fees could be scrapped in favour of adviser charging

Adviser charging could work for IFAs for some investment business but it certainly does not work for mortgages. Standardisation of proc fees among all lenders would be a much fairer way to ensure there is no product bias. Not to mention the survival of the independent mortgage brokers, which is vital for customers’ access to the whole of market.

P Maskey

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.

Matt Colley

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.

Jim Gleeson


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