Section E·Consumer DutyConsultation draft v0.1
Fees and fair value
The file must show every party's fee and commission, and that the total was fair for the work and the loan size.
6 required itemsRequired evidence
Broker fee, master broker or packager fee, lender procuration fee and any introducer payment, each shown separately in pounds
Total fees as a percentage of the net loan
Whether fees are added to the loan, and the extra interest that causes over the full term
When the client was told about each fee, and that this was before they committed
For fees above the firm's own fair value threshold: a written reason linked to the work done
Confirmation that product choice was not influenced by procuration fee level
The Specialist Lending File Standard is not legal or compliance advice and does not replace FCA rules. Information for professional intermediaries, not advice. Comment on the draft.