Upcoming Webinar: what is a green mortgage?

The Green Mortgage Advice Initiative (GMAI) brings you a new webinar: What is a green mortgage. The event takes place on Monday 29th July…

Important fee changes for mortgage intermediary firms in 2024/25

The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – we pull out the important fee changes…

AMI secures significant win for the protection industry

We are delighted that the FCA has accepted our argument that the protection industry should be out of scope of the Advice Guidance Boundary Review…

Mortgage Vision returns for 2024 with extra locations

This year’s Mortgage Vision events take place across the country in September and October, with some new locations added for 2024…

AMI Consumer Duty Factsheets update

Regulated firms are required to bring any closed products and services they continue to offer into the scope of Consumer Duty by 31 July 2024…

Your June ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his June update in what has been a quiet month for the industry with the upcoming general election…

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Chief Executive update – challenging times

Chief Executive update – challenging times

This month Robert discusses the major challenges facing brokers and consumers in today's market...

As you will hopefully have seen, we have published our initial thoughts on the FCA’s new Consumer Duty policy. In keeping with other major changes, we will try to deliver our thinking to you in bite sized chunks. This should allow you to plan appropriately, limit confusion and give you the best chance of meeting the requirements and deadlines. In the coming weeks we will begin to run workshops and deliver more detailed information. These will, hopefully, allow you to reach next July in the best possible position.

As we lean into these significant changes, we are also all dealing with cost of living challenges. The FCA has set out its thinking in a Dear CEO letter to lenders. This makes it clear that firms should consider carefully the real needs of consumers, not just a debt restructuring solution. All advisers must consider whether proper debt advice is required before a debt consolidation solution is explored. This is particularly the case in the second charge market and in lifetime mortgages. The FCA has highlighted that full assessments of circumstances and income and expenditure analysis is expected. The FCA will be reviewing cases to establish that recommendations made are suitable not just for the short term but also work long term.

Finally, I am aware that the mortgage world has rarely been as difficult as now. Extended pipelines, processing delays, escalating interest rates and sudden withdrawal of products. I know how frustrating this is as you try to get the best possible deal for your customer. I would just ask that you deal sympathetically with people you are dealing with at lenders, valuers and conveyancers. It is seldom that the person you are talking to has made the decisions that are impacting you or your customer. They are trying to do their best the same way you are. Please treat them with respect.
Please keep safe, enjoy what remains of the summer, and be ready to help all those that will undoubtedly ask us for help as we face into the challenges that will escalate as we progress through the end of this year and into 2023.


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