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 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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