The Growth Series

Podcast #98 - Consumer Duty: What's Next?



In episode 98 of the Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, is joined by Robert Sinclair, Chief Executive of the Association of Mortgage Intermediaries (AMI), and Nick Piper, Senior Manager, Governance and Strategy at Accord Mortgages, to discuss the implementation and ongoing impact of Consumer Duty.

Gurpreet begins by asking how well the industry has reacted to the new regulations. Robert says the residential mortgage sector has been on the front foot compared with others, due to other regulatory changes in recent years and the Mortgage Market Review. As a result, the sector has had a “lesser distance” to go than other parts of the financial services industry.

Gurpreet then asks how work on back book products and offerings is proceeding, and Nick says lenders are in a “good space” when it comes to getting this work done, and agrees with Robert that in recent years, the formulation of mortgage products has always been carried out with the customer and fair value in mind.

The conversation then turns to how Consumer Duty compliance is an ongoing process, and Robert notes how the regulator is actively providing information on how it is dealing with certain issues relating to the new rules.

Next, Gurpreet asks Robert about whether AMI has been providing further support to intermediaries regarding fees. Robert points out that the fees charged by brokers can range from £99 to four figures, with the latter being seen as outliers, and stresses that businesses charging high fees must be able to justify them, particularly in lower value transactions.

Gurpreet then asks Nick whether trade bodies are still collaborating over the implementation of Consumer Duty, and he says stakeholders plan to come together soon to discuss what needs to happen next, particularly regarding supporting vulnerable customers. 

Finally, Gurpreet asks Robert what support is available to intermediaries regarding Consumer Duty and supporting vulnerable customers. Robert highlights Accord’s Growth Series podcasts as useful resources, along with material on the FCA and AMI website.

The Growth Series is a dedicated and FREE resource for mortgage brokers, containing blogs, guides and podcasts, to help you scale and grow your business. For more hints and tips on how to grow your business, you can sign up to the Growth Series here.

00:50 to 29:39

  • Introduction to guests
  • How the industry has responded to Consumer Duty
  • How work on back book products and offerings is proceeding
  • Consumer Duty compliance as an ongoing process
  • Support to intermediaries on fees
  • Trade body collaboration over Consumer Duty
  • Support for intermediaries

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