Your February update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his February update, discussing the latest issues in the industry and how we can tackle them…

Tackling barriers: The Protection Gap

AMI Senior Policy Adviser Stacy Penn discusses the Perception Gap in the protection market, in this article originally published in Moneyfacts…

The FCA in the insurance space – a more assertive regulator?

Following introduction of Consumer Duty, we have seen signs the FCA is shifting towards becoming a more assertive regulator…

The Perception Gap

AMI Senior Policy Adviser Stacy Penn discusses the findings from AMI’s latest Protection Viewpoint – The Perception Gap, in this article written for TMA Club…

Consumer Duty: The next steps – what does 2024 have in store?

On 6th December 2023, the FCA hosted a webinar titled Consumer Duty: The next steps – we draw out the key points of relevance to mortgage intermediary firms…

Your January update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his January update, reflecting on the challenges and opportunities of the year ahead…

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FCA Consumer Duty Information for Firms Update

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The FCA have updated their Consumer Duty information for firms page in response to ongoing queries and discussions around various concepts in the new rules. When we shared this page with members previously, it only had the sections on board champions and the definition of closed products (it also had a bit on October implementation plans, but this has been removed now the deadline has passed).

The FCA has expanded the page considerably. Below are the topics that may be of relevance to mortgage intermediary firms (click here to read the guidance):

  • Our expectations for outcomes monitoring
  • Retrospective application
  • Proportionality
  • Requirements for firms seeking authorisation
  • Portfolio and sector communications*
  • How the Duty applies to firms throughout the distribution chain
  • Information-sharing in the distribution chain
  • Clarifying the scope

*the remainder of these are expected in early 2023. The FCA has already issued a portfolio letter to ‘Independent Financial Advisers and Intermediaries’, however this is aimed at wealth and pensions advisers.

We will incorporate these clarifications into our future communications and guidance on Consumer Duty, and if firms have any questions, please get in touch.

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