What should ‘holistic advice’ really mean?

AMI Chief Executive Robert Sinclair discusses his interpretation of holistic advice and what it means for the industry…

Industry must protect the mental health of advisers – Robert Sinclair

We know that mental health and finances are intrinsically linked, and that’s not just when it comes to our customers…

Finalised guidance on financial promotions on social media

As part of their bid to tackle poor quality financial promotions on social media, the FCA has released their finalised social media guidance…

Your April ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his April update, including the Mortgage Charter and AMI’s thoughts on the FCA Fees & Levies proposals…

April 2024 Latest FOS complaints – AMI comments

Latest FOS complaints that may be of interest to mortgage intermediary firms, including AMI’s comments…

FCA Consultation on Fees & Levies for 2024/25

Members may have seen that the FCA issued their annual consultation on the fees charged to firms on Tuesday 9th March – AMI comments…

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.

There has been recent focus on the general insurance market with the FCA demanding changes to the renewal process in order to encourage customers to shop around.  From next year increased disclosure will be required from insurers and intermediaries to emphasise this. Price comparison websites in the GI market have also been highlighted as distracting consumers from crucial product features.  The FCA has acknowledged consumers’ tendency to focus on headline prices and the Competition and Markets Authority has launched a study into digital comparison tools.

The FCA has also instructed firms in the annuity market to review sales processes to ensure that consumers are aware of the range of products available, the availability of impaired annuities and the need to shop around.

In the UK mortgage market the broker’s role is to challenge consumer pre-conceptions and look across a range of products and providers before making a recommendation.  These issues have surfaced in the mortgage competition study, with its terms of reference due very soon.  It will be interesting to see what approach is taken as the regulator seems to want customers to be able to vote with their feet, but has so far played down the issue of trapped borrowers and turned a blind eye to “execution only” product transfers.

Regulators need to be consistent, whilst understanding the differences between sectors.  Consumer outcomes should be a key factor and the potential for consumer detriment where lenders try to limit consumer choice either via technology or reduced product choice should not be underestimated.

Aileen Lees
AMI Senior Policy Adviser

X

Forgot Password?

Join Us