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…

Edit Content

Log in here for full access to all our great content


Please log in below with your username (which is your email address), using all lower-case letters.


Forgotten your password?
No problem, simply tell us you have forgotten your password to receive instructions instantly via email.

Having problems logging in?
If you are a current member but are unable to login, please first make sure you are using all lower-case letters for your username/email address. If you still have difficulties, please contact us via email at info@a-m-i.org.uk so we can rectify your problem.

Not a member?
Learn more about the benefits of becoming a member or apply online and we will be in touch.

Before the ink has dried on the £17.9m fine imposed by the Competition and Markets Authority on Compare the Market for breaching competition law by imposing wide ‘most favoured nation’ clauses on providers of home insurance, they have announced a tie up to deliver execution only remortgages to consumers embracing a range of household mortgage brands.

I have always struggled to work out how you can look across the market and complete an execution only mortgage or remortgage.  I can see how a product transfer is possible, although perhaps not always desirable.  But the information you need from a customer to choose between types of mortgages and then lenders makes true execution only impossible, particularly the information needed by the new lender.

Koodoo said of Compare, “its scale and deep understanding of customer needs will help enhance the service”.  This hardly looks like an execution only approach.

I am sure that the lawyers have worked hard to deliver watertight contracts between Compare The Market, Koodoo and the lenders who have signed up.  My concern will be what will happen in the event of any complaints, Ombudsman findings, and the potential for liability on the FSCS.  Brokers have tales aplenty of consumers making the wrong self-selections.

I hope this works well but it defies my understanding of what is permissible under FCA current rules and guidance.

Robert Sinclair
Chief Executive, AMI


Forgot Password?

Join Us