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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Following the appointment of administrators at most of the “Pure Legal” entities, a number of the “Interest Only” complaint cases have been passed on to new legal representatives.  These were the result of DSAR’s where cases were being constructed to show that the advice provided, usually between 2004 and 2008, was incorrect.

Early indications are that the firms that have picked up these cases are not seeing much to pursue.  AMI has been made aware that some of the potential claimants have been told that they do not have a legitimate complaint.  As a consequence, the firms are asking for the “After the Event” insurance to be invoked and where that is not possible for the lending funder to write off the loan.  This is positive news for broker firms and for indeed the consumer, as they should not be out of pocket.

Finally, there are unconfirmed reports that those that have reviewed the cases cannot see why they were commenced and consider the activities as potentially vexatious.  It is to be hoped that if that is the case then those that pursued these cases are not allowed back anywhere near claims management in the future.

Robert Sinclair, AMI Chief Executive
February 2022

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