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AMI publishes new Guide to the T&C Scheme

The trade body says that the move to statutory regulation by the Financial Services Authority means that every regulated firm must assess its T&C arrangements.  It is important to note that the T&C scheme covers more than simply the gaining of qualifications.  From a firm&#39s senior managers to its advisers and back office staff, the setting up and management of an effective T&C scheme is essential. 


The FSA recognises that each individual  firm needs to develop its own T&C regime. The regulator&#39s handbook has some important outlines &#45 but each firm needs to decide how much more is required above the core requirements.


Commenting on the publication of the new guide, Chris Cummings, director of AMI, says: &#34Every intermediary firm had to confirm to the FSA that it would have a compliant T&C scheme in place by Mortgage Day when they applied to be regulated.  This guide is designed to help all AMI members complete their T&C preparations and provide a useful double-check that everything is in place.


&#34Under the MCCB, the focus of T&C was on passing examinations. However, the FSA is at least as focused on ensuring firms can demonstrate on-going competency. 

“This starts with a firm understanding its own business risks, putting a T&C Scheme in place, and regularly reviewing it. A key point for all firms to address on Monday November 1, is – how do we prove our advisers are competent to give advice on mortgages under the FSA&#39s requirements &#45 not those of the MCCB? This Guide will help address just such issues.&#34


The new AMI guide has been designed to help members assess their current T&C situation and determine where improvements are needed. For instance, more emphasis will need to be put on the softer communication skills of advisers. Those who are competent at this will be able to prove their clients have really understood what has been offered to them &#45 and so attract fewer complaints.


The new guide can be down loaded from the website &#45 under publications. Alternatively, copies can be e-mailed to members. 


IF gauges opinion on regulation

IF says that when the responses are collated, it will be able to pinpoint the top problems facing intermediaries. Jennifer Blackwood, spokeswoman for IF, says: “We had a voting system at the roadshows designed to ask brokers how they thought service could be improved. We hope this will produce some useful results, especially coming up […]

Green house effect

Ethical mortgages may not be the first item on the list of options you put before your client, but if you are not aware of what benefits they offer you could be doing them a disservice. A number of providers offer ethical, or green, mortgages – the best known being The Co-Operative Bank, the Ecology […]

Brokers warned to take FSA rules seriously

Richard Fox, compliance director at the Mortgage Code Compliance Board, says that the FSA will be looking to make examples of brokers in the first 12 months. He told delegates at yesterday&#39s Mortgage Strategy Live conference: “After years of regulation in this industry, the FSA has got to be listened to carefully, there are risks […]

CII launches improved membership services

A number of these services are available through the CII website. Members are now able to view and amend their personal and contact details online. This is a simple way for members to keep their details up-to-date, as any changes made by the user will automatically update the CII customer database.  Members can also renew their […]

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Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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