Trade body hits out at ‘too big to care’ FCA over fee changes

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A mortgage adviser trade body is hitting out at the FCA for rushing out news of fee changes on the day of the Brexit result.

Association of Mortgage Intermediaries chief executive Robert Sinclair says the regulator is rolling out its proposed new fee rates without its usual feedback and policy statement.

He says: “This means that firms may be able to now see their actual fees through the calculator, but as we have not been advised – we do not know.

“What is certain is that invoices will now start landing on doormats. We are promised the feedback statement in due course, but when remains a mystery. We cannot tell if any account has been taken of our submissions.”

Sinclair adds that the FCA seems to not care for the firms that fund it.

He says: “It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist.

“To slip this out on a busy news day smacks of all that is wrong with a too big to care regulator. The sooner Andrew Bailey arrives and gets a grip of the organisation the better.”

In response, an FCA spokeswoman says a policy statement detailing the changes will be published tomorrow.

She says: “Nobody can see their fees. The fees calculator still shows consultation fees. The final fees will go live when the policy statement goes live tomorrow.”

The FCA has changed its handbook to raise fees in 2016/17. The fee hikes will pay for the Financial Ombudsman Service, Money Advice Service, Pension Wise and other services.