AMI criticises FCA fees consultation

The Association of Mortgage Intermediaries (AMI) has criticised the FCA’s latest consultation on regulated fees and levies.

The trade body stated that the consultation is “not the FCA fees transformation AMI wanted”.

The FCA announced today it is consulting on periodic fees rates for the 2021/22 financial year and further FCA fees policy proposals. The regulator is also consulting on the Financial Ombudsman Service general levy, Money and Pensions Service, Devolved Authorities and illegal money-lending levies for the next financial year.

However, the AMI has stated its disappointment that having acknowledged the “huge spike” in FSCS costs, the FCA is also “intent” on increasing the cost burden on firms at a time of falling revenues.

In its first major consultation on fees, the FCA announced a five-week consultation – which the AMI described as the “shortest in memory” – as well as significant increases to the minimum fee on consumer credit where AMI members have no income, despite prior assurances.

“In apologising for having failed a number of consumers, it is again the good firms who remain who are picking up the bill,” AMI chief executive, Robert Sinclair, commented.

“I am particularly concerned that having found issues in controls over appointed representatives (ARs) in the investments and general insurance space, a broad brush approach has been applied without consultation.

“To add a cost of £250 for each AR to a mortgage network without evidence of harm seems unfair. AMI will be challenging this rushed change to the rules and the cost to firms robustly.

“For what is another significant addition of new fee classes and costs, a five week response time leaves us very limited time to consult with our membership.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.