FCA: AMI criticism a misunderstanding

Ryan Bembridge

June 29, 2016

robert sinclair cropped

The Financial Conduct Authority will release a paper on broker fees tomorrow after the Association of Mortgage Intermediaries accused it of implementing new rates “under the cover of Brexit”.

On Friday the FCA issued a handbook notice saying it had implemented the fees without specifying when it would release its feedback and policy statement.

AMI responded by saying “we are promised the feedback in due course, but when remains a mystery”.

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Robert Sinclair (pictured), chief executive of AMI, said: “The FCA appears to care little for the organisations’ that fund it.  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.”

But the FCA told Mortgage Introducer that AMI has got the wrong end of the stick and it will be releasing a paper tomorrow.

It said the Friday notice was an acknowledgement that the paper has been reviewed by its board rather than an actual announcement.