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31 Jan, 2008

Jasper Wenban-Smith
Date: 30-Jan-2008

The 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 5.

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.

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