After listening to the views of small firms at roadshows throughout the country, the FCA has announced that it has reduced its proposed consumer credit application fees for small firms. This has been published in a supplement to their fees Consultation Paper. Click here to access the supplement.
The FCA noted the potential for significant negative impact on businesses. As a result, they are proposing that small firms will pay no more than £1,000 in application fees, and those in the less complex categories will pay less.
They have also delayed the deadline to receive responses to question 1 (the supplement) of the consultation paper CP 13_14 until 16th January 2014. The deadline for the other questions is still 6th January.
Anyone who has already responded to the fees Consultation Paper may wish to reconsider their feedback to question one and send a new response by 16th January 2014.
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Assessing suitability has always essentially been based around the same overarching principles … The recommended product type should meet the client’s profile and needs? The actual product recommended should be the most suitable, taking account of features and costs. In relation to the second principle, the cliché about cheapest is not necessarily the […]