Aug 15 – FSCS Levies

Those on the receiving end of FCA fee bills will now know how much the FSCS levy for mistakes in the Pensions market is costing them. With huge increases in the total fee bill, it is the Life and Pensions bill that is causing stress on broker bank balances. Whilst the FCA fee rise was bad, this bill is atrocious. Please be assured that AMI is on the case. We know what the issue is and what needs to be done. We are talking to both the FCA and the FSCS and whilst this year’s bill will have to be paid we are campaigning hard to ensure that mortgage brokers will not be held accountable for Pension mis-selling in future years. A product levy would ensure that at least some contribution comes from all firms, including those that cause the problems, but at worst we need to see mortgage brokers only held accountable at first call for products they advise on.