Your November update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his November update, including AMI’s Protection Viewpoint, market conditions and future challenges for advisers…

Making the most of AMI Protection Viewpoint findings

AMI’s 2023 Protection Viewpoint report ‘The Perception Gap’ is packed full of findings and insight aimed at mortgage intermediaries…

Consumer Duty – an update

Key Consumer Duty developments and recent communications issued by both AMI and the FCA, with commentary on implications for mortgage intermediary firms…

AR regime – updated AMI Q&A and deadline reminder

Having heard back from the FCA, we have updated AMI’s Q&A documenton the AR regime. We also wanted to remind firms of the upcoming 30 November 2023 deadline…

FCA application window open for firms approving promotions for unauthorised persons

Firms that approve financial promotions for unauthorised persons have until 6th February 2024 to apply for approver permission from the FCA…

FSCS levy and compensation figures update

The FSCS has released an update on its levy and compensation figures for 2023/24, as well as anticipated levy figures for 2024/25…

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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


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