The Live Wire



Press Release

Ever increasing exit fees

26 January 2007

Emma Bandey, personal finance campaigner, Which? responds to today’s Financial Services Authority (FSA) statement on increases to mortgage exit administration fees:

“Which? welcomes the work the FSA has done to put a stop to ever-increasing mortgage exit administration fees. We now urge consumers to challenge their provider if they feel they have paid more than they originally agreed in their mortgage contract.

“In a similar vein to unauthorised overdraft charges, these fees should only represent the administration costs involved. They should not be endlessly escalating, arbitrary figures and lenders must be able to justify them.

“The next step for the FSA is to name and shame those that won’t comply.”



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