Welcome to this month’s Industry Roundup, bringing you up to speed with industry insights, regulatory updates, and the latest TMA news.
July has flown by, and we are finally feeling the warmth of summer. I hope you are taking some time to relax and rejuvenate. The Olympics are in full swing, with Great Britain already securing an impressive 46 medals!
Last week witnessed The Bank of England (BOE) making a significant move by lowering the Base Rate to 5%, marking the first reduction in four years! With a close 5-4 vote, the Governor emphasised the importance for banks to exercise caution in not lowering rates excessively or hastily. Looking ahead, there are three more crucial decisions scheduled for this year: on the 19th of September, 7th of November, and 19th of December. Market analysts are anticipating 1-2 more rate cuts in 2024. But we still need to be mindful that households continue to face the challenge of spend or save, according to the July 2024 Money Statistics. There maybe some further opportunity in the upcoming product transfer spikes, are you prepared? Have you considered all options for your client? Access the CACI data here.
How are the SONIA SWAPS reacting?
Rates are steadily declining, with the current 2-year rate at 4.006% compared to last month’s 4.413%, and a 5-year rate at 3.570% compared to 3.913%. Could this be a sign of what lies ahead?
ENHANCED CONSUMER DUTY SUPPORT FOR YOUR FIRM…
The Consumer Duty Annual Assessment has now passed and firms should have completed their Consumer Duty review of closed products, undertaken their annual assessment and signed off their summary review of the last year. This should include changes made under the new ‘Duty’ principles, a review of key statistics and data, lessons learned and a plan for work still to do.
Recently, we have updated our compliance packages to better assist you. For more details, feel free to contact your dedicated Key Account Manager or request a call back here.
LITE PACKAGE
- Remote visit via Zoom
- Access to the Document Library
- Access to regular Compliance Bulletins
- One annual Online Testing Licence
- One File Review per month including feedback for reference
- Access to an experienced Field Compliance Manager
CORE PACKAGE
- Firm Engagement Visit
- Access to the Document Library
- Access to regular Compliance Bulletins
- One annual Online Testing Licence
- One File Review per month including feedback for reference
- Access to an experienced Field Compliance Manager
PREMIER PACKAGE
- 2 Annual Firm Engagement Visit
- Access to the Document Library.
- Access to quarterly Compliance bulletins giving you an overview of recent and planned regulatory changes.
- Access to 6 annual online test licences: Any additional licenses are charged at £5.00plus VAT per month per additional license.
FCA INCREASE TO FEES & LEVYS…
The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – firms can access a calculator on the FCA website here to calculate their individual fees.
SHARED OWNERSHIP AFFORDABILITY UPDATE…
On the 17th May, Homes England (HE) updated section 6, headed Affordability Guidance in the Shared Ownership chapter of the Capital Funding Guide (CFG). The new guidance comes into effect on 1st August 2024.
AMI’S VIEWPOINT IS BACK FOR 2024…
AMI, along with this year’s sponsors Royal London and Legal & General, are pleased to announce the 2024 Protection Viewpoint virtual launch event will take place at 9 a.m. on Tuesday 5th November 2024. Save the data and look out for more details coming soon!
THE IMPORTANCE OF ACCURATE INFORMATION…
The success of a protection policy hinges on the precision of information provided by your client, ensuring honesty and truthfulness. This not only safeguards against unforeseen risks and potential misrepresentation but also strengthens the quality of protection and enhances client retention. Learn more here.
Need support with a protection case? No problem, get in contact with our Protection Criteria Desk for support with underwriting.
ARE YOU EXPLAINING THE DIFFERENCE BETWEEN A VALUATION & SURVEY?
1 in 5 brokers not explaining the difference between a valuation and survey, according to the latest research from the Financial Reporter. The research also found that over two-thirds of property professionals are in favour of pre-sale surveys which suggests further opportunity, find out more here.
KEEP YOUR CLIENTS HOME SAFE THIS SUMMER…
Are you connecting with your current client base to discuss ways to ensure their homes stay safe this summer? With the holiday season upon us, it’s likely that many of your clients have travel plans in the works. Now is the perfect opportunity to provide them with helpful tips and guidelines to keep their homes secure while they’re away. Access your free guide in our resource centre here.
FINALLY…YOU’VE GOT TO BE IN IT, TO WIN IT…
Take advantage of this opportunity to recognise the outstanding achievements of your firm, our partners, individuals, and teams. Feel empowered to put yourself forward for an award category that showcases the exceptional work of your organisation. #TMAAWARDS2024
Have you secured your spot at the upcoming TMA conference on the 28th of November? Don’t miss out on the chance to network, acquire valuable knowledge, and engage with panel debates. I’m looking forward to seeing many of you there!
Get in touch with our dedicated Broker Support Team on 0330 303 0236 if you have a query or need some advice.
#LETSGROWTOGETHER
Proud to be recognised as a CHANGE MAKER, reflecting my commitment to changing the mortgage market for the better.
