Financial Conduct Authority  

Adviser fee reduction no match for PI costs

"It’s just disappointing to note however it’s only the mortgage and general insurer distribution costs that are seeing an increase in fees of more than twice the rate of inflation."

Mr Sinclair said the rise in mortgage broker fees was at odds with the FCA's statement that cost increases were attributable to EU withdrawal and new activities in the market which didn't directly impact the mortgage sector.

The FCA has stated advisers will not have to shoulder the cost of Brexit or the regulator's new remits, including the regulation of claims management companies.

imogen.tew@ft.com