FCA Consultation on Fees & Levies for 2024/25

Members may have seen that the FCA issued their annual consultation on the fees charged to firms on Tuesday 9th March – AMI comments…

Consumer Duty has made vulnerability about ‘characteristics’ rather than ‘binary’

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 regulatory expectations around vulnerability…

Your March update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his March update, including the Mortgage Charter and the FCA annual business plan…

Sexism in the City feedback: recommendations for firms

The feedback report for the September Sexism in the City paper has been released. We are cited in the report, relating to our event code of conduct…

AI will not replace ‘divergent or creative’ thinking

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 on generative AI and regulatory expectations around vulnerability…

Mortgage Brokers: The climate is changing, should you?

The Mortgage Climate Action Group (MCAG) is delighted to invite you to its upcoming webinar: ‘The Climate is Changing, Should You?’ on 18th March at 10am…

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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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