31 Jan, 2008
Financial Services Authority has dismissed claims that it will
raise firm fees by 25% to fund its TCF implementation initiative.
Speaking today at the Mortgage Business Expo Northern Ireland,
Dominic Clark, the regulator's mortgage department manager (small
firms division) says such estimates exaggerate the costs.
He says: "The figures quoted of a 25% increase in fee levels are
way over the odds - it is more likely to be 10-15%."
A consultation paper on the issue is due to published in February
Clarke also outlined plans to increase contact with firms to
ensure TCF implementation.
Over the next three years the regulator intends to contact all UK
firms through a mixture of over the phone, face-to-face and firm
visits. It says it will visit a quarter of firms to go through
systems and controls.
Clark says: "We want to increase the pace of firm's TCF change. A
number of firms are not as far advanced as we would like,
particularly in the mortgage industry."
The FSA is to host a series of TCF roadshows around the UK,
beginning in March in Belfast.