The calculator, available on the FSA website, works out the fees based on their fee tariff data and the proposals set out in the FSA fee consultation paper.
Graeme Ashley-Fee, director of contact, revenue and information management at the FSA, said the initiative would help enhance the broker-lender relationship.
He said: “We have received very positive feedback about the calculator from a pilot exercise we conducted with firms who said it works well, is accurate and quick and easy to use.”
“It is a good example of the priority we attach to making the FSA an easier organisation to do business with in a practical way,” he added.
The regulator confirmed it will update the fees calculator with the actual rates once these have been finalised in May 2006.
Andrew Frankish, managing director of Mortgage Talk, welcomed the move, suggesting it matched the FSA’s aims to improve its relationship with brokers and ease the transition to a principles-based approach.
He commented: “This is good news, especially for smaller-sized firms. The one and two-man bands will definitely benefit from this service as they sometimes have to get outside consultants to complete this job, so it will make it a much easier process. This is a positive step by the FSA.”
James Carter, IFA at Virtue Financial, said: “I think any step the FSA takes to outline our expenses and enable us to plan our costings on a forward basis is admirable. Let’s hope they are accurate or it is setting itself up to be shot down.”
