Intermediaries need a consistent approach to the charges levied for FOS and FSCS membership later this year as costs for most advisers will be significantly higher, argues the Association of Mortgage Intermediaries.
CP04/4 published last week by the Financial Services Authority - Mortgage firms and Insurance intermediaries: Funding of the Ombudsman and Compensation schemes – suggested intermediaries could in future receive a single invoice to cover the costs of complaints-handling by the Financial Ombudsman Service and the Financial Services Compensation Scheme. Such as a proposal has sparked concern at the AMI, however, as mortgage intermediaries who also conduct occasional insurance business will also be required to pay into two separate 'contribution groups' for FOS and FSCS and shell out an addi...
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