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AMI issues new and updated Consumer Duty factsheets

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AMI has added the following to its suite of Consumer Duty factsheets:

  • Resources – a list of useful Consumer Duty related resources for firms. We will develop this list over time.
  • Second charge – aimed at mortgage intermediary firms that advise on second charge mortgages. It gives a brief overview of the structure and ethos of the FCA’s new Consumer Duty, alongside some specific considerations and questions for second charge mortgage advice firms to consider.

We have also amended some of the factsheets, following discussions with firms, the wider industry and the FCA. ‘New’ and ‘updated’ sections are highlighted, to make it easier to see where changes have been made.

The following factsheets have been updated:

  • Introduction a new section added on documenting implementation ‘rationale’.
  • Summary a new section added to highlight how the Consumer Duty builds on existing vulnerable customers guidance and to summarise the expectations of firms.
  • Principle and cross-cutting rules an update to the signposting section.
  • Four outcomes (price and value, products and services, consumer understanding and consumer support) additions to help develop firms’ understanding and application of the rules and guidance under each of the outcomes.
  • SM&CR, culture and governance – a new section added on training.
  • Monitoring and evidencing outcomes – a new section added to help firms determine the MI they will need to collect and monitor. Guidance expanded under ‘things to consider’.
  • Q&A – includes new questions that have been asked by firms recently.

Click Consumer duty factsheets to access the factsheets.

We are currently awaiting clarification from the FCA on the roles of ‘manufacturer’ and ‘distributor’ following comments made in its recent Dear CEO letter to mortgage intermediary firms. We will provide an update to members in due course.

If you have any queries, please contact info@a-m-i.org.uk.

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