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The session covered AMI’s role in representing brokers, the importance of promoting the value of advice, and a detailed update on regulatory changes and proposals that could reshape the intermediary landscape.
Stephanie kicked off by explaining what AMI does:
AMI is a trade body for mortgage advisers, with a core mission to protect the value of advice and ensure brokers’ voices are heard in the regulatory process.
Its main role is to monitor, review and respond to consultation papers that affect the mortgage intermediary market.
When a policy statement or consultation is released, AMI works closely with its member firms to provide support, through working groups and guidance, ensuring brokers understand what the changes mean for their business. It recently produced factsheets and hosted events on the Consumer Duty, for example .
It also publishes the annual Protection Viewpoint, now in its sixth year, which analyses market trends, highlights customer demographics and provider service, as well as identifying where change is needed in the protection space. This year, it will have a past, present, future lens, specifically looking at the role of artificial intelligence and how it may be changing the way customers interact with providers.
As Stephanie put it, AMI’s work is “much wider than just lobbying, with a lot happening behind the scenes”.
Stephanie took the helm at the start of 2025 and arrived with a 100-day plan, which she admitted “went out of the window” almost immediately.
“In the first six months of 2025, we’ve responded to, or have in draft, more consultations than in the whole of 2024,” she explained. “The workload has significantly increased and the mortgage sector currently has so much focus.”
Her first months were shaped by significant regulatory announcements. Alongside the Mortgage Rule Review, the FCA’s pure protection market study has also gained momentum.
“It’s been a baptism of fire,” Stephanie said. “But I love a challenge. I’m passionate about advice, the role advisers play and how they help consumers. This is the perfect time to showcase that, roll up my sleeves and make a meaningful impact.”
The mortgage sector focus, both with the Mortgage Rule Review consultation and Future of the Mortgage Market discussion paper, has dominated AMI’s agenda and will shape the weeks and months ahead.
The first part of this was the recent consultation, CP25/11, which focused on making mortgages “easier, faster, and cheaper” for consumers, with proposals to:
AMI opposed the removal of this interaction trigger, pointing out that 97% of mortgages are already advised and 90% of these come from intermediaries, with low arrears levels showing no evidence of a systemic problem. “We’re concerned customers could make uninformed decisions, and we lobbied hard against this,” Stephanie said.
However, the FCA proceeded with its proposals, issuing a Policy Statement in July. It added some welcome mitigations, including requiring customers to elect for a non-advised sale, ensuring lending staff remain qualified and needing lenders to ensure they are comfortable any execution only journey would not cause foreseeable harm (as part of the Consumer Duty).
Then there’s the 72-page Discussion Paper published in June, exploring:
Stephanie welcomed the fact that it’s a discussion paper and therefore “the start of a journey”, but stressed that mortgages should not be considered in isolation. For example, recently positive steps, such as stress test changes and increases to loan-to-income flow limits, need to be viewed alongside broader pressures like shortage of housing stock (including social housing) and rising rental payment impacting the private rental sector.
She also discussed the potential of AI to improve efficienciesfreeing advisers to focus on clients. But she warned against a two-tier model where straightforward cases go down an AI route and complex ones get human advice. “We need guardrails,” she said, making clear AMI’s stance against AI-advice.
Despite those concerns, AMI recognises technology’s wider role and is currently working on guidance to help advisers understand how it can help their business and how to build the right tech stack.
Regulation has come to the fore, but AMI is equally committed to making the industry a better place to work. The Working in Mortgages initiative, run jointly with IMLA and chaired by Aldermore’s Nicola Goldie, grew out of research highlighting the need to improve DEI in the industry.
Its website, workinginmortgages.org.uk, provides resources on different roles and career paths, aimed at business leaders, lenders, advisers and administrators. The goal is to make the industry fairer and more accessible, to attract new talent and retain existing professionals.
It plans to launch a refreshed steering group in September, is supporting the Financial Reporter ‘30 Under 30’ awards and expanding its mentoring scheme, which has already had over 500 participants.
Stephanie believes the current market presents opportunities for brokers. Borrowers coming off two-year fixes may see savings, while those leaving five-year deals face payment shock, both of which create demand for expert advice.
In the near term, 937,000 borrowers will come off fixed rates, followed by 4.4 million in 2026/27. “What an opportunity in the next few years,” she said. “They need brokers to help them with that.”
While her first six months have been an intense mix of market and regulatory pressures, Stephanie’s commitment to protecting the value of advice and supporting brokers is clear.