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Aug 19 – A fairer FOS

BY AMI

FOS has now published proposals for its future funding having considered stakeholders’ feedback and the principles FOS has established in its previous conversations. It is proposing to rebalance the levy and case fee to aim for a 50:50 split, with [...]

2 weeks ago / No Comments

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AUG

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Aug 19 – Only the headline

BY AMI

Freelance journalist Simon Read brought me sharply to attention when he wrote recently about whether anyone reads newspapers anymore.  The march of on-line and the ability to get anything on Twittersphere, Messenger or Whatsapp has totally changed “communication”.  As Trump [...]

2 weeks ago / No Comments

12

AUG

No

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Jul 19 – The truth that comes from advice

BY AMI

Following the financial crash in 2008, the Mortgage Market Review (MMR) introduced new rules in 2014 which followed a series of connected but distinct consultations that then produced an all-encompassing Policy Statement.  As part of this it is important to [...]

4 weeks ago / No Comments

30

JUL

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Jul 19 – Intermediaries and the SM&CR – what is your culture?

BY AMI

With less than six months before the FCA’s Senior Manager & Certification Regime (SM&CR) is extended across financial services businesses you might think that this is new regulation, based on filling in lots of forms.  Technically in law it is [...]

1 month ago / No Comments

16

JUL

No

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Jun 19 – The big trapped borrower debate

BY AMI

The issue of the trapped borrower or mortgage prisoner has been on the AMI agenda since the MMR was finalised in 2012.  We could be criticised for not getting enough traction on the issue until late 2018, but we were [...]

2 months ago / No Comments

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JUN

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Jun 19 – Calling order

BY AMI

In an unprecedented step the FCA has issued a Dear CEO letter to a sector of the market before they have completed the firm authorisation process.  The issues with CMC’s have been expressed by advice firms of all types for [...]

2 months ago / No Comments

24

JUN

No

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May 19 – Trapped in a three way tie

BY AMI

The new affordability tests for existing borrowers proposed on FCA CP19/14 will allow lenders to disapply many aspects of the MMR affordability rules which have restricted the options of some borrowers.  It is proposed that the new simpler rules can [...]

3 months ago / No Comments

20

MAY

No

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May 19 – Slaying the dragons of the MMR

BY AMI

In deciding as part of its Mortgages Market Study that the market needed help by revising advice and selling standards, the FCA has made some interesting statements and assertions.  As one of the few still in their role from the [...]

3 months ago / No Comments

20

MAY

No

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Apr 19 – Pleading for fairness

BY AMI

Following consultation, the FCA has decided to increase the ombudsman service’s award limit to £350,000 for complaints about acts or omissions by firms which take place on or after 1 April 2019.  AMI has been discussing with the FCA the [...]

4 months ago / No Comments

23

APR

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Apr 19 – A study in time

BY AMI

The FCA final report of the Mortgages Market Study set out its plans to resolve the issues it identified.  It has accepted, for now, the industry view that intervening to promote solutions to assist consumers to more easily find the [...]

4 months ago / No Comments

23

APR

No

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