Your November update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his November update, including AMI’s Protection Viewpoint, market conditions and future challenges for advisers…

Making the most of AMI Protection Viewpoint findings

AMI’s 2023 Protection Viewpoint report ‘The Perception Gap’ is packed full of findings and insight aimed at mortgage intermediaries…

Consumer Duty – an update

Key Consumer Duty developments and recent communications issued by both AMI and the FCA, with commentary on implications for mortgage intermediary firms…

AR regime – updated AMI Q&A and deadline reminder

Having heard back from the FCA, we have updated AMI’s Q&A documenton the AR regime. We also wanted to remind firms of the upcoming 30 November 2023 deadline…

FCA application window open for firms approving promotions for unauthorised persons

Firms that approve financial promotions for unauthorised persons have until 6th February 2024 to apply for approver permission from the FCA…

FSCS levy and compensation figures update

The FSCS has released an update on its levy and compensation figures for 2023/24, as well as anticipated levy figures for 2024/25…

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AMI has been a long-term supporter of the principles set out in the Mortgage Market Review, which was fundamental in requiring income to be evidenced in all cases. This removed the concept of self-certification of income from the UK mortgage market place.  We would not want to see a return to self-certification of income and certainly not to the 2007 levels where over half the loans completed had no verification of income undertaken.

Brokers are continuing to add pressure on lenders to take a more practical approach to the self-employed and to look more widely at what might be acceptable income.  Many of the challenger banks and regional building societies are taking a more practical view.  Whilst MMR introduced the need for all mortgage applicants to evidence their income, one of the ways that many lenders accepted was the SA302 document from the Inland Revenue.  As we move through 2016, the Inland Revenue is going to stop producing these on request for consumers.  Any mortgage applicant looking to support their loan application with Inland Revenue documents will have to log into their HMRC online Self Assessment account.  They will then be able to print off copies of HMRC online Tax Calculation and Tax Year Overview.  The AMI web-site explains more on this and how to access the information.


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