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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A recent case where the FOS has found against a broker has gathered some headlines together with significant sympathy and support from the adviser community. AMI is having discussions with the Ombudsman Service on how it is interpreting the Emptage case and what the implications may be for advice on increasing a mortgage.   We will be advising our members on this in the weeks to come.

What is interesting in looking at the FOS case is that this was a regulated residential mortgage, but we cannot find any evidence that the firm held the appropriate FSA permission. This appears to be missed in the judgement. It is unlikely that the firm will pay the customer the amount adjudicated by the Ombudsman so the firm may fold and the case will go to the Financial Services Compensation Scheme to decide if they will pay. FSCS do have different standards to FOS. FSCS have already defended the industry’s honour to the hilt in pursuit of the Emptage case, so I fear it will have to pay and ask the broker community to pay the levy.

Unless of course Barclays, who are alleged to have taken the deal on fast-track from an unauthorised source, decide to pay up for not looking at the purpose of the advance at all. I am not holding my breath.


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