Halifax introduces fee cap in-line with Consumer Duty – Mortgage Strategy

Following the FCA’s implementation of Consumer Duty and after analysis of customer fees within the mortgage chain, Halifax Intermediaries has introduced a policy that outlines the maximum brokers can charge for providing its products.

According to Halifax, they strike the correct balance under the Fair Value Assessment.

From Saturday 1 June, Lloyds Banking Group will set the following caps on the amount clients can be charged by brokers for their mortgage application services:

A cap of 1% of loan amount or £1,500, whichever is the greater

For example:

Loan £100k                      Max fee of £1,500

Loan £200k                      Max fee of £2,000