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…

Consumer Duty has made vulnerability about ‘characteristics’ rather than ‘binary’

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 regulatory expectations around vulnerability…

Your March update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his March update, including the Mortgage Charter and the FCA annual business plan…

Sexism in the City feedback: recommendations for firms

The feedback report for the September Sexism in the City paper has been released. We are cited in the report, relating to our event code of conduct…

AI will not replace ‘divergent or creative’ thinking

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 on generative AI and regulatory expectations around vulnerability…

Mortgage Brokers: The climate is changing, should you?

The Mortgage Climate Action Group (MCAG) is delighted to invite you to its upcoming webinar: ‘The Climate is Changing, Should You?’ on 18th March at 10am…

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The FCA Occasional Paper number 17 on Access to Financial Services lets us see what much of our fees are being spent on.  This 160 page tour of digital, financial crime, segmentation and ageing allows us a lesson on the intellectual property of our regulator.

It looks easy living in the FCA box, with the ability to opine on a fairly detached way on the issues that traverse our market caused by the conflicts between regulatory intervention, an ageing population and the socio demographic changes that are challenging most of the accepted norms.  Asking lots of questions appears to be their solution.

However the paper erroneously cites visiting a branch for a mortgage as the preferred consumer channel.  It also provides copious evidence of lenders not being very helpful to a range of eligible consumers.  Facts conveniently missed in the post MMR affordability review.

It is clear that mortgages are long term commitments that need to be affordable.  We are agreed on that, but the paper seems to ignore that all tenures have a cost.  The alternative of renting is likely to bring an ever escalation of cost with no equity buffer.   It also provides no certainty of a roof.

The paper floats the need for holistic advice, without addressing the barriers, which have mainly been constructed in the old FSA rules.  I like people to go away and think but this needs less fence sitting and more planned solutions.


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