Jul 20 – The cheapest rule
Firms are reminded that the FCA rules MCOB 4.4A.1R(1A) and MCOB 4.7A.23AR, included in the policy statement on mortgage advice and selling standards, will apply to all firms from 31st July.
Jul 20 – Equity released, but not from FCA criticism
The FCA has published findings from its 2019 exploratory work into later life lending. These focus on the equity release sales and advice process, following a review of advice files from 13 of the largest and most experienced firms in the sector. The three significant areas of concern were: insufficient personalisation of advice; insufficient challenging […]
Jul 20 – Criteria says No
When Rishi Sunak bounced the banks into mass payment deferral programmes, he also indicated that this would not impact a consumer’s credit score. By the time Gov.uk set out their views in May on help with mortgages they stated that “payment holidays and partial payment holidays offered under this guidance should not have a negative […]
Jul 20 – Regulated fees and levies 2020/21
The FCA yesterday published its policy statement and ‘made rules’ for regulated fees and levies 2020/21. Whilst the FCA fees remain broadly level for mortgage intermediaries,
Jun 20 – FCA’s framework: assessing adequate financial resources
The FCA has now published its finalised guidance and framework for firms on assessing adequate financial resources. This applies to all mortgage intermediary and protection advice firms, irrespective of size or turnover.
Jun 20 – True Colours
The first week of June saw the interim Chief Executive of the FCA make his boldest move since taking the reins. In announcing that the FCA was invoking FSMA Section 165 powers linked to a data request to 13,000 firms they clearly indicated that they mean business. All surveyed firms must complete the return within […]
Jun 20 – Product value in insurance
On 3 June the FCA published guidance on the value of insurance products (GI and pure protection). The focus is on products which, due to coronavirus, may not be able to provide the expected contractual benefits or there is a fundamental change in risk and products are providing little or no utility to customers. The […]
May 20 – Government guidance on home moving
Following lobbying work and policy development by AMI with other trade bodies and member firms, the government has today issued updated guidance on home moving during the Covid-19 outbreak
May 20 – Business as usual at FCA
In its proposed fees budget for 2020/21, the FCA has considered the effect of any fee increases on small firms and has moved to freeze minimum fees and defer the payment deadline for the fees of small and medium sized firms. However, it has not amended its total budget requirements in view of the pandemic […]
May 20 – Putting remortgage to the sword
As part of the Mortgages Market Study, the FCA said that more needed to be done to help ‘less active’ consumers who remain on their mortgage reversion rate at the end of any initial term. This was also highlighted in the Citizens Advice super-complaint to the Competition and Markets Authority (CMA), and in its response, […]
