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…

AMI unveils The Perception Gap, the fourth annual Protection Viewpoint

This Viewpoint features hot topics facing the industry, including value of advice, building trust, consumer buying habits and generational views & attitudes…

Your October update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his October update, focusing on AMI’s Protection Viewpoint, new build and Consumer Duty…

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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


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