According to Chris Cummings, director of the Association of Mortgage Intermediaries, now, the fees look set to be reduced to £1500, with medium sized firms charged £5,000 and large firms £25,000.
Cummings said: “The current discount period is quite unlike anything the FSA has ever offered before. We are keen to ensure that the final set of fees do not deter new firms from setting up or prevent appointed representatives from changing their minds and seeking direct authorisation, if that is the correct commercial decision for them.”
Ian Bascome, director of Squirrel Financial Management Ltd also urged the regulator to keep the fees low.
“We have said that if any of our appointed representatives decide they want to go direct we will do all we can to help. We believe that by doing this they are more likely to continue to use our compliance support services and packaging services,” he said.The consultation period ends in June this year.
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