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…

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.

Dec 21 – There may be justice?

The plague on our sector that has been Pure Legal attacking historic Interest Only cases has been stemmed for now.  Most of the legal entities in the Pure Legal group have entered administration and the funder of the loans supporting the cases, Novitas, have said they will not be providing further financial support.

These consumers are now up “for auction” to other legal firms via the administrators.  However, it should be remembered that all of the cases that have gone to court so far have been won by the brokers representatives.  Many cases have been withdrawn before being heard.  The six figure sum claims have usually been reduced to low four figure sums during the hearings, but judgements have usually thrown out the cases as “time barred”.

The real losers in this are the hundreds of customer claimants.  Sold unsecured credit funding and after the event insurance, they still carry the costs of these cases.  Only their solicitors can invoke the insurance, so they are the big losers here.

Firms must not take their eye off this ball.  It will be important to remain vigilant.  Watch for changing claims or new solicitors acting. If the claim moves to challenging affordability, then that should be the lenders case to defend.   Keep talking to your PII providers.  Take their advice. We are closer to stepping out of the storm, but there will still be a few months of turbulence.

Robert Sinclair, AMI Chief Executive
AMI, December 2021

X

Forgot Password?

Join Us