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July 20 – Equity released, but not from FCA criticism

BY AMI

The FCA has published findings from its 2019 exploratory work into later life lending.  These focus on the equity release sales and advice process, following a review of advice files from 13 of the largest and most experienced firms in [...]

7 hours ago / No Comments

13

JUL

No

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July 20 – Criteria says No

BY AMI

When Rishi Sunak bounced the banks into mass payment deferral programmes, he also indicated that this would not impact a consumer’s credit score.  By the time Gov.uk set out their views in May on help with mortgages they stated that [...]

7 hours ago / No Comments

13

JUL

No

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June 20 – True Colours

BY AMI

The first week of June saw the interim Chief Executive of the FCA make his boldest move since taking the reins.  In announcing that the FCA was invoking FSMA Section 165 powers linked to a data request to 13,000 firms [...]

4 weeks ago / No Comments

16

JUN

No

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June 20 – Product value in insurance

BY AMI

On 3 June the FCA published guidance on the value of insurance products (GI and pure protection). The focus is on products which, due to coronavirus, may not be able to provide the expected contractual benefits or there is a [...]

4 weeks ago / No Comments

16

JUN

No

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May 20 – Business as usual at FCA

BY AMI

In its proposed fees budget for 2020/21, the FCA has considered the effect of any fee increases on small firms and has moved to freeze minimum fees and defer the payment deadline for the fees of small and medium sized [...]

2 months ago / No Comments

11

MAY

No

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May 20 – Putting remortgage to the sword

BY AMI

As part of the Mortgages Market Study, the FCA said that more needed to be done to help ‘less active’ consumers who remain on their mortgage reversion rate at the end of any initial term.  This was also highlighted in [...]

2 months ago / No Comments

11

MAY

No

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Apr 20 – Keeping your customers safe

BY AMI

It’s hard to believe that it’s been less than two weeks since the UK went into lockdown and Zoom, Microsoft Teams, WhatsApp and Skype became our preferred way to communicate.  In an industry that has always favoured face to face [...]

3 months ago / No Comments

14

APR

No

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Apr 20 – Reserving judgement on FOS

BY AMI

AMI has waited patiently for an update on FOS’ 2020/21 consultation, which arrived via a statement on, of all days, April Fool’s day with the final budget and summary of consultation feedback to follow.  Yet it would be foolish to [...]

3 months ago / No Comments

14

APR

No

Comments

Apr 20 – Opening the floodgates for execution-only?

BY AMI

It was with an element of trepidation that I clicked on the link in an email at the end of January to read the long awaited and much discussed policy statement and final rules on mortgage advice and selling standards [...]

3 months ago / No Comments

14

APR

No

Comments

Mar 20 – Building operational resilience: does it matter?

BY AMI

Operational resilience has become an area of priority for the FCA and was included in their 2019/20 Business Plan.  They issued a Consultation Paper on 5 December 2019 and within the mortgage intermediation sector it will apply to SM&CR enhanced [...]

4 months ago / No Comments

18

MAR

No

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