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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Reporting PII cover renewal/changes to the FCA


The FCA’s supervision hub has been in touch to report a common reporting error made by firms in respect of ‘No/Non-Renewal of PII Cover’.

These errors typically take two forms:

  1. The RMA-E return is a 6 monthly return, and so, a firm will renew their PII cover and tick the box when asked if PII cover has been renewed. However, the firm will then receive the same return 6 months later, where they are again prompted to tick whether they have renewed their PII cover. Often, the firm will not tick this box, as they confirmed that they had renewed their PII cover in the RMA-E return which they filled out 6 months ago. This then generates a ‘No/Non-renewal of PII cover’ case, which is unnecessary as the firm does in fact hold PII cover. So, firms should be ticking the box to confirm that they have renewed their PII policy, even if the annual renewal was performed in the previous 6-month period.
  2. The second manifestation of this error comes from confusion over what constitutes renewal. This occurs where a firm extends their PII cover, but does not realise that this also counts as renewal, such that when they are asked on the RMA-E return whether they have renewed their PII cover, they do not tick the box to indicate they have renewed their PII cover. This also results in a case being generated. So, if the firm has extended their PII cover they should report that as a renewal of PII Cover.

The FCA hopes that by sharing information on high-volume cases with a straightforward fix, it will pre-emptively reduce caseloads and therefore free up time for the supervision hub to deal with more complex issues. If firms have any questions, please contact


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