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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Consumer Duty – the next phase

What's,Next?,Concept

As the 31 October 2022 deadline has passed, the FCA expect firms to have completed and documented their implementation plans for Consumer Duty. Firms are not required to submit their plans to the FCA but should provide a copy if asked. We are aware the FCA has started to request plans from some firms and await to see if the FCA publish industry wide feedback.

Firms’ focus should be on implementing the Consumer Duty requirements. The AMI team has been working hard to prepare member factsheets and our plan is to issue these to members before the Christmas break.

We’re also aware the FCA will be issuing a portfolio letter to firms, signalling areas that have been highlighted in previous Dear CEO letters which firms should consider as part of their Consumer Duty work. Our expectation is that this will be issued by the FCA before Christmas.

A recent speech by Nikhil Rathi reaffirmed that the Consumer Duty will not apply retrospectively, with conduct being judged on the rules and standards in place at the time. It also highlighted that the FCA will be monitoring the impact of Consumer Duty on financial inclusion to ensure firms do not become risk averse to difficult to reach groups of consumers.

Finally, you may have seen a recent update from AMI on its cross trade body working group. The group’s aim is to develop fair value and target market templates to be used by lenders to enable a consistent approach to information sharing with intermediary firms. We will continue to keep our members updated on progress.

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