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 industry is about to descend into unseemly squabbles over the FCA proposals to reform the Financial Services Compensation Scheme.  The pre-consultation discussions were characterised by goodwill, open minds and positive debate of the issues.  Now we have tangible proposals on the table which firms and trade bodies can attach £s to, the debate suddenly changes.

Whilst all of the industry is agreed that the fundamental issue is the sheer size of the ever-growing cake that has to be paid for, it is how that is to be cut-up and apportioned that blights the next few months.  It is already clear that the product providers have little stomach for contributing to the costs of the advice community.  Lost on them the need to ensure that their carefully crafted products should only be sold through trusted and validated business partners to people who genuinely want or need the product.

Their view that they have never done anything wrong so why should they pay, is an interesting refrain as heard by mortgage and protection brokers.  These same brokers are currently picking up the bill for unregulated investments sold in SIPPs and remortgage business done to invest in Bulgarian property which never materialised, indeed was never really planned.

As I am on my third fundamental review of the FSCS it has moved from being the last line of the regulatory bill to being front and centre.  FSCS total costs are proposed as being over £300m to be passed back to intermediaries, as opposed to the FCA intermediation fees of circa £120m.  The penalty of failure to properly regulate our industry is now falling hard on the good firms that survive.

Providers and intermediaries need to come together and evolve a better battle plan to share the load, reduce the number of claims and ensure that fraudsters and the feckless are banished from our industry.  This must be a shared activity that is not lost on a battle of who feels the most hard done by.

Robert Sinclair
Chief Executive, AMI
January 2017


Forgot Password?

Join Us