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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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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