What we do

We also…

• Successfully lobbied the FSCS to take protection income out the “pensions” pot, saving the mortgage intermediary sector over £250m.
• Our lobbying in 2020 meant government extended the stamp duty reductions to June 2021 and then phased them out – AMI was the first to call out the risk and took the data to Treasury to provide solutions.
• Persuaded the FCA to remove additional consumer buy to let fees for mortgage intermediaries.
• Lobbied government and the FCA to remove the need for mortgage intermediaries to hold a consumer credit permission to advise on buy to let.
• Saw significant success with the FCA in establishing final MMR rules ensuring that in all mortgage transactions, whether they are undertaken by a broker or lender, a fully advised mortgage sales is a mandatory requirement.
• Succeeded in allowing firms the flexibility to define their own scope of service with the FCA, along with keeping commission as a remuneration option for brokers, keeping level 3 as the basic requirement for mortgage qualifications and ensuring that lenders are clearly responsible for their affordability assessments.
• Persuaded the FSA to set up simplified application process to allow firms a swifter direct authorisation approach than usual, which has been continued by the FCA.
• Lobbied for a review of the ways FOS is funded, leading to a new arrangement where those firms that are FOS’s biggest users pay the majority of its costs.
• Lobbied for a full-scale funding review of the FSCS, which led to a new funding arrangement being put in place.
• Lobbied for a review of MAS, resulting in it being replaced.
• Lobbied the Ministry of Justice for stricter rules and better supervision to be applied to claims management firms operating in the financial services sector. The Ministry of Justice amended its rule book to enhance its conduct requirements in light of the concerns raised by industry. AMI also supported the proposals for regulation to move to the FCA.