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…

AMI unveils The Perception Gap, the fourth annual Protection Viewpoint

This Viewpoint features hot topics facing the industry, including value of advice, building trust, consumer buying habits and generational views & attitudes…

Your October update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his October update, focusing on AMI’s Protection Viewpoint, new build and Consumer Duty…

Edit Content

Log in here for full access to all our great content

 

Please log in below with your username (which is your email address), using all lower-case letters.

 

Forgotten your password?
No problem, simply tell us you have forgotten your password to receive instructions instantly via email.

Having problems logging in?
If you are a current member but are unable to login, please first make sure you are using all lower-case letters for your username/email address. If you still have difficulties, please contact us via email at info@a-m-i.org.uk so we can rectify your problem.

Not a member?
Learn more about the benefits of becoming a member or apply online and we will be in touch.

On top of huge increases in FCA fees, mortgage firms are being asked to pay for the despicable advice given by some investment advisers to place Self Invested Personal Pension funds into poorly performing unregulated investments.  These pension advisers have taken the huge commissions and run for the hills leaving mortgage brokers who did the right thing by protecting their customer’s mortgage with life, critical illness and income protections cover to pick up the bill.

The structure of the Financial Services Compensation Scheme is a hangover from the day when the life companies picked up the bulk of any liability, but those days are long gone.  We need a new agreement that more fairly reflects the structure of advice firms and our industry behaviour.  To levy a £100m pensions bill on those who advise on protection is a long way from common sense.  There will be a consultation on the Scheme next year and we need change.

In the meantime AMI will be working with FCA to ensure that all firms are properly reporting their income as the amount being charged to some mortgage advice firms seems disproportionate.  Those IFA firms that advise on pensions, group life and individual protection should still be apportioning their income under the scheme and we will be checking this is the case.

 

X

Forgot Password?

Join Us