The end of a fascinating year, which for the first three quarters was so positive. The last three months have tested the skills, resolve and abilities of advisers and lenders in a way I had not seen previously in my working life. The pace at which our world changed was unprecedented. As we reach the end of 2022, we face uncertainty as to what 2023 will bring, but I am certain that the skills you all bring to the table will stand us in good stead.

I am delighted that we have managed to release our Consumer Duty factsheets. We’ve created these based on AMI’s analysis and interpretation after many months of reading, dissecting, thinking and discussion – both internally and with industry groups. I would like to thank everyone who has shared their insight and understanding, submitted questions and engaged in the conversations that have sharpened our thinking. These should provide a good start point for all firms to think through what they need to do before July 23rd.

Also high on the FCA agenda is the S165 data request to all firms that have active ARs/IARs. All such firms should have received an email addressed to the principal user on Connect. If relevant, it is crucial to respond as FCA could take further action due to non-co-operation. Firms have until the end of February to complete this, but it is a complex piece of work so start early. If a firm thinks they should have received the request and haven’t, please email firm.queries@fca.org.uk to ask whether this has “gone astray”.

Finally, I hope that you all have a wonderful break over the Christmas period, and I wish you all the best for 2023. It will be a tougher market next year, with some corrections to house prices. However, I expect that the supply of mortgages will be more resilient than many commentators think and if there are no further shocks to the economy we will see a gradual decline in mortgage interest rates throughout the first quarter. Having started to see some rates starting with a 4, we may be lucky enough to see a 3 before March is out!!