Apr 21 – A bit too close to the edge?
I have been hearing a new clamour from the world of Equity Release that consumers need to be made aware of all the products they might be eligible for and an impetus towards the need for holistic advice. There has also been a subtle shift in language by some commentators who have moved from talking […]
Apr 21 – Still no new clothes
For too long we have been aware of the issues facing existing property owners where their property has “cladding”. Mortgage brokers continually face the issue of working on behalf of consumers to find mortgages with the most appropriate lender. Although not directly involved we have been regularly in discussions with our fellow trade bodies, UK […]
Mar 21 – Fair Value for Money
Under the Financial Guidance and Claims Act 2018, Parliament transferred the regulation of Claims Management Companies (CMCs) to the FCA and gave it a duty to make rules about CMC fees for claims relating to financial products and services. FCA’s research has found that conditions in the market allow CMCs to charge fees well above […]
Mar 21 – Tech for Tech’s sake
Press headlines get me intrigued, motivated, disappointed but sometimes genuinely challenged. “Big, dumb mortgage products” was one. Would this be revolution, evolution or innovation? Dr Louise Beaumont, chair of the open finance and payments working group at TechUK, was cited as saying that, ”Open banking has a rich and valuable future, building from humble beginnings […]
Mar 21 – Doing Enough?
As a white male who has enjoyed the privilege of a university education, bank employment and never being out of work I am always unsure when I venture into thoughts on Equality and Inclusivity. However, I did grow up within a mile of the “base” for Trainspotting and my first pub routinely saw deeper discussions […]
Feb 21 – Bailey’s grand defence
Why did I watch Andrew Bailey appear before the Treasury Select Committee? Because he was being interviewed about his part in the London Capital & Finance failure and the report by Dame Elisabeth Gloster that apportioned blame on him for the failure of the FCA to use its authorisation and supervisory powers appropriately. This has […]
Feb 21 – A new regulatory worry
It was early November 2020 that Caroline Wayman, Chief Executive and Chief Ombudsman at the Financial Ombudsman Service, sat in front of the Treasury Select Committee to be challenged by Chair Mel Stride and other MPs on the Service’s work. For anyone that has not watched or been involved in any of these sessions before, […]
Feb 21 – Doomed by failure
The FSCS has set its funding requirement for 2021/22 with the total amount to be invoiced rising to £1.04bn. This is because the Life Distribution and Investment Intermediation class and the Investment Provision class have breached their threshold maximums. Total costs in those two sectors are £705m, with a maximum chargeable of £440m. This triggers […]
Jan 21 – The Green Deal
The Department for Business, Energy & Industrial Strategy (BEIS) is not one which readily trips off the tongue when considering where the major housing and mortgage market impacts will come from. However, it is a key driving force in the areas of Artificial Intelligence (AI) and in promoting innovative technology in the wider financial services […]
Jan 21 – A new shiny FCA
The Treasury is currently consulting on the future financial services regulatory framework. This is our “once in a generation” chance to shape who regulates our industry with focus on their objectives and how they are “managed and controlled”. We have until 19 February to think through improvements needed. At the same time, the FCA is […]
Jan 21 – Closing the gap
The Association of Mortgage Intermediaries (AMI) recently partnered with Legal & General and Royal London to undertake a major consumer research project on consumer attitudes and their recollections of interactions in the protection market. The research asked 5,000 consumers and 500 mortgage brokers about their knowledge and understanding, principally on life, critical illness and income […]
Dec 20 – Don’t bury your heads
It is almost six months since the FCA published its findings from exploratory work on lifetime mortgage lending on 17 June 2020. In what has been a muddled year, where mentally it feels like it should be March yet we are nearing Christmas, it’s important that the significance of this regulatory review does not get […]
