Your August ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his August update, including rate changes, increased FCA activity in the insurance sector and Mortgage Vision events…

Your August industry round-up

A round-up of the goings-on in the mortgage and protection industry this August, including FOS annual complaing data insights and FCA plans…

Insurer underwriting and service standards – have your say in this year’s Protection Viewpoint

With only two days left until this year’s Protection Viewpoint survey closes, please take five minutes to have your say on insurer underwriting and service…

AMI Protection Viewpoint 2024 – we need your views

AMI Protection Viewpoint is back for a fourth consecutive year. Please help us by taking five minutes to complete our survey…

Protection Viewpoint 2024 – save the date

Find out when this year’s Protection Viewpoint virtual event will be held and remember to save the date…

Your July ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his July update, highlighting the Consumer Duty deadline and ongoing work in the Equity Release market…

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Compromise agreements

Compromises are arrangements that allow a firm to settle its liabilities with creditors and/or shareholders. The FCA has seen an increase in the number of regulated firms proposing compromises to deal with significant liabilities to consumers, in particular redress liabilities.

FCA has published guidance to clarify its general approach to compromise agreements. The guidance sets out how it considers compromises, the factors it considers when assessing them and its role when a firm proposes a compromise agreement. The aim is to help firms understand what information the FCA needs and the factors it will consider when deciding if and what actions it takes.

Firms are reminded that if they are considering proposing a compromise, in line with Principle 11 and the notification requirement in SUP 15, they should notify the FCA immediately and provide relevant information at an early stage to enable assessment of the compromise.

Click here to read the guidance.

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