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Chief Executive update for November – Working hard for you

AMI Chief Executive Robert Sinclair shares his thoughts on the current issues facing the mortgage industry, AMI achievements and exciting developments to help you and your business…

The team at AMI are working hard to produce a series of Factsheets to explain the finer detail of the new FCA Consumer Duty requirements and highlight key considerations for mortgage broker firms. As well as demystify the new rules, the Factsheets aim to prompt further discussion and broaden thinking as to how the Duty might apply in different contexts.

We hope that these will give firms the roadmap they need to be ready for the full implementation deadline of July next year.  We aim to deliver the majority of these before the end of this year.

In addition, we are working with the lender trade bodies and a small set of firm representatives to see if we can agree a set of standardised templates.  These will set out the target market, the key elements of product disclosure and provide the “fair value” assessment. 

We are hopeful that we will have a working near final draft before Christmas and a finalised version before the middle of January.  That should allow most lenders to systemise where required and agree content by their initial deadline of April 2023.

This week we have seen a series of papers from FCA and FSCS.  We will carefully review the new ideas for simpler advice processes in investments to ensure there are no unforeseen consequences of the plans.  We will also look to see if they might provide better opportunities, particularly in simplifying requirements on product transfers. 

The annual FCA fees policy paper is not indicating any particular impacts for mortgage adviser firms, but the allowance to increase costs by inflation must be challenged at a time when firms’ incomes are under threat.  Some good news from FSCS as it appears their annual invoice element will be lower than last year, and mortgage broker firms look set to enjoy another levy-free year if the 2023/24 forecasts hold true.

Finally, my congratulations on the way that you have been supporting clients over the last few turbulent weeks.  As people are facing into cost of living challenges, they want to make sure they can keep their roof over their heads.  Your advice has been and will remain critical. 

People will remember who has given straight advice and helped them.  Build those relationships and stick with them for the long term.  Mortgage interest rates are and will continue to improve.  Keep positive as we slide towards the Festive Season.