Upcoming Webinar: what is a green mortgage?

The Green Mortgage Advice Initiative (GMAI) brings you a new webinar: What is a green mortgage. The event takes place on Monday 29th July…

Important fee changes for mortgage intermediary firms in 2024/25

The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – we pull out the important fee changes…

AMI secures significant win for the protection industry

We are delighted that the FCA has accepted our argument that the protection industry should be out of scope of the Advice Guidance Boundary Review…

Mortgage Vision returns for 2024 with extra locations

This year’s Mortgage Vision events take place across the country in September and October, with some new locations added for 2024…

AMI Consumer Duty Factsheets update

Regulated firms are required to bring any closed products and services they continue to offer into the scope of Consumer Duty by 31 July 2024…

Your June ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his June update in what has been a quiet month for the industry with the upcoming general election…

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Jan 21 – A new shiny FCA

The Treasury is currently consulting on the future financial services regulatory framework.  This is our “once in a generation” chance to shape who regulates our industry with focus on their objectives and how they are “managed and controlled”.  We have until 19 February to think through improvements needed.

At the same time, the FCA is reacting to the findings from the London Capital and Finance and Connaught reports on how it authorised and supervised these firms.  The new Chief Executive Nikhil Rathi is using a Transformation Programme to engineer the business he wants to be running for the next five years.

This internal restructure is aimed at clearly defining the goals and outcomes the FCA seeks to deliver across the markets it oversees, and the tools it deploys in doing so.  This work will focus on how they align their resources and operating model to achieve these goals; and the ways they gather, analyse and act on intelligence, including through developing greater automation, data and digital capabilities.  AMI will very much be part of this activity.

For us it is about better authorisation processes, slicker supervision and less costs being passed to the compensation scheme.  A greater focus on what most firms do well, allowing competitive growth without interference from the FCA.  Until it can prove it is an effective supervisor, it should severely limit its work on a domestic consumer based competition agenda, but focus on ensuring UK financial services can be competitive world-wide.

Robert Sinclair
Chief Executive, AMI


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