Upcoming Webinar: what is a green mortgage?

The Green Mortgage Advice Initiative (GMAI) brings you a new webinar: What is a green mortgage. The event takes place on Monday 29th July…

Important fee changes for mortgage intermediary firms in 2024/25

The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – we pull out the important fee changes…

AMI secures significant win for the protection industry

We are delighted that the FCA has accepted our argument that the protection industry should be out of scope of the Advice Guidance Boundary Review…

Mortgage Vision returns for 2024 with extra locations

This year’s Mortgage Vision events take place across the country in September and October, with some new locations added for 2024…

AMI Consumer Duty Factsheets update

Regulated firms are required to bring any closed products and services they continue to offer into the scope of Consumer Duty by 31 July 2024…

Your June ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his June update in what has been a quiet month for the industry with the upcoming general election…

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Dec 15 – Coming, ready or not

I am continually being asked if the second charge industry is going to be MCD ready for March 2016. Currently most broker firms are gaining their FCA Consumer Credit authorisation with the final hurdle of a mortgage upgrade to clear. Lenders appear to be packing in for a late run. It is getting late in the day for lenders to be communicating their affordability and stress test models as brokers will need to train these in before launch. As there is no transitional rule, we must hope that many lenders can go early to avoid pipeline issues. The task for brokers is much greater with the move to a fully advised set of mortgage rules which have evolved over the last 12 years. The practical aspects of scope disclosure, range of lenders and remuneration declarations and the move to an ESIS with a consideration period is a far cry from the existing model. With the need to undertake more complete fact finds, with a more robust assessment of income and expenditure will change all participants interview models. What is certain is that the FCA will be undertaking early thematic work to test how well firms are applying the new suitability and affordability requirements. Some first charge firms found the last thematic difficult, so we should not expect a soft ride.

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