What should ‘holistic advice’ really mean?

AMI Chief Executive Robert Sinclair discusses his interpretation of holistic advice and what it means for the industry…

Industry must protect the mental health of advisers – Robert Sinclair

We know that mental health and finances are intrinsically linked, and that’s not just when it comes to our customers…

Finalised guidance on financial promotions on social media

As part of their bid to tackle poor quality financial promotions on social media, the FCA has released their finalised social media guidance…

Your April ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his April update, including the Mortgage Charter and AMI’s thoughts on the FCA Fees & Levies proposals…

April 2024 Latest FOS complaints – AMI comments

Latest FOS complaints that may be of interest to mortgage intermediary firms, including AMI’s comments…

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…

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.

The FSCS has set its funding requirement for 2021/22 with the total amount to be invoiced rising to £1.04bn.  This is because the Life Distribution and Investment Intermediation class and the Investment Provision class have breached their threshold maximums. Total costs in those two sectors are £705m, with a maximum chargeable of £440m.  This triggers the “Retail Pool”.  The balance is therefore shared in proportion across the other classes.

This means that the amount to be levied on mortgage advice firms for 21/22 will be for their share of £22.9m based on mortgage income and their share of £146.8m based on GI and Protection commission income.  In the 20/21 plan the initial amounts levied and received were £2.0m and £24m respectively.  This allows us to infer that it is likely that the amounts to be invoiced to firms for the 21/22 FSCS costs will be broadly 10 times the amount that was invoiced in the annual FCA invoice for 20/21.

AMI continues to express its extreme concern over these escalating costs.  This is demonstrable evidence of clear failure in both authorisation and supervision by the FCA.  As Chief Executive of AMI I am incandescent with rage.  This is a dark day when an industry will have to find £1bn to pay for fraud and bad advice.  The FCA has let this happen and it is wrong that good firms are paying for the regulator’s failure to do its job.

Robert Sinclair
Chief Executive, AMI

X

Forgot Password?

Join Us