The FSCS plans to put pensions in the same class, meaning that brokers who solely advise on mortgage protection will be paying to insure pensions products - including self-invested personal pensions (SIPPs).
Half (47%) of directly authorised advisers plan to respond to the Financial Services Compensation Scheme consultation though 93% agree the levy is unfair
The FSCS plans to put pensions in the same class, meaning that brokers who solely advise on mortgage protection will be paying to insure pensions products - including self-invested personal pensions (SIPPs).
TMA reckoned some advisers are put off by the complexity of responding to the consultation; however they aren’t obliged to answer all 31 questions.
David Copland (pictured), director of TMA Mortgage club, said: “Whilst we’re pleased that a significant amount our directly authorised advisers already have, or are planning on responding to the FCA consultation, there are still some who remain deterred by the scheme’s complexity.
“The FCA should therefore make the outlines of its new proposals clearer for mortgage and protection brokers. With only a week to go until the consultation ends, we will continue to fight against this levy in the interests of our DAs.”
Brokers have until 31 March to respond and can do so by visiting the FCA website and answering Q14: What are your views on the different funding classes we have set out here? Do you have any alternative proposals?
