FSCS fee burden to spark mortgage rates jump

Research by BSA shows many building societies feel FSCS levies will have a significant impact on their mortgage pricing. Around 60% of building society chief executives polled by the body think mortgage rates would be increased to cover the cost of the levy, with 53% warning savings rates will have to fall too. Speaking at the conference, John Goodfellow, chairman of the BSA, noted the sector's anger at the 'disproportionate' levies imposed on building societies from failed banks. "We need to find a fairer mechanism for funding the Compensation Scheme and we need to put in place arran...