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The Association of Mortgage Intermediaries (AMI) has welcomed the FCA’s decision to offer a rebate to consumer credit licence holders.
Changes to the regulatory structure will see control of this area pass to the FCA from the OFT in April 2014.
While the OFT had awarded indefinite licences to firms these changes will require advisers to pay extra fees to join the FCA scheme.
AMI and the Association of Finance Brokers (AFB) made representations to the FCA stating it was unfair that brokers who had signed up to the scheme would be hit with further fees.
The government has announced it will offer a rebate programme to reflect the closure of the OFT’s programme and will provide a 30% discount to firms who register with the FCA between now and November 30.
Robert Sinclair, chief executive of AMI, said: “Following the concerns raised by AMI and AFB, the FCA has announced that the government is to provide a programme of rebates for licence holders to acknowledge the unnecessary fees paid for indefinite consumer credit licences under the OFT’s regime.
“We are grateful that the government recognised the issues raised and will offer rebates to those firms that have already incurred the substantial cost of obtaining a new consumer credit licence since 2008. These broker firms should not be unfairly disadvantaged because of unforeseen changes to the regulatory architecture.
“Firms are now able to register their consumer credit licence with the FCA ahead of the transfer process. We would encourage firms to not delay in checking that their licence details are correct and then registering with the FCA to take advantage of the 30% discount.”
