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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July 15 – Advice and Distribution

The FCA post-MMR thematic sets out a number of areas of concern.  All firms will need to read the full text and consider what changes they need to make to their sales processes, quality checking and also the training and procedures for their advisers.

In summary, some adviser struggled to understand how much information on options they can provide to consumers before they move into an advice conversation.  When in an advice conversation, specific product recommendations were provided without first establishing the customer’s needs and circumstances, including too much focus on the cost of the mortgage.

Not sufficient balance was given between the amount the customer has available (budget) versus the monthly payment options, versus the term of the loan.  There is no absolute – more a mix of consumer objectives.  Also concerns were expressed on how some advisers looked at likely future interest rates, and the impact of rises, particularly where they had shortened the term to use the full budget available

The FCA has indicated that firms need improved governance and oversight, particularly in networks, with a new focus required on the quality of advice, with gaps between what was seen on files and the actual conversations that had occurred.

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