MAE London: Mortgage advice faces transformation, says new AMI chief  

In her first keynote address as chief executive of the Association of Mortgage Intermediaries (AMI), Stephanie Charman delivered a compelling vision for the mortgage advice sector, highlighting both challenges and opportunities facing mortgage and protection advisers.

Speaking at the recent Mortgage Adviser Event, held on 20th May at Magazine in London, Charman opened proceedings by painting a nuanced picture of the current economic landscape, noting significant market shifts. She emphasised that 937,000 UK homeowners will come off two-year fixed rates in 2025, with 1.8 borrowers overall coming off fixed rates, creating a complex refinancing environment. "We'll see a strange period for consumers," she explained, "with some experiencing rate shock while others see rate reductions." 

The speech particularly focused on technological disruption and the irreplaceable human element of financial advice. While acknowledging digital tools are transforming the industry, Charman was clear that technology should not replace advisers. "Tech should augment the advice process," she stated, "freeing you up to do what you do best - provide guidance and support." 

Charman highlighted several key opportunities for mortgage advisers, particularly in underserved demographics. She identified self-employed markets, clients with credit issues, and later life lending as crucial growth areas. "These demographics are growing, and crucially, they need your support more than ever," she emphasised. 

The regulatory landscape was another significant theme. Charman discussed the FCA's ongoing mortgage rule review, expressing cautious concern about potential changes that might increase execution-only sales. "We believe more execution-only sales will only lead to poor customer outcomes," she warned, echoing her earlier comments this month where she said: 

“They risk stripping consumers of essential protections while simultaneously threatening the long-term viability of thousands of advice firms across the UK. This isn’t just about loss of income, it’s about undermining an advice model that has proven time and again to act in the consumer’s best interest. 

"We will be engaging with the FCA to look at how we support their objectives, working in collaboration with lenders and advisers, not against them to simplify the mortgage process without sacrificing the value high-quality advice brings.” 

Perhaps most passionately, Charman addressed the industry's talent challenge. She stressed the need to attract diverse new talent, highlighting the aging adviser population and the importance of succession planning.  

She said: "Our client base is more diverse than ever before. Our adviser community needs to reflect it." 

“Home ownership isn't a one size that fits all, and neither is financial advice. Today's borrower comes from all different walks of life, different ages, backgrounds and income levels and different life stages. And if we really want to truly be relevant and empathetic, diversity within our profession isn't just a nice to have – it’s strategic and a necessity.” 

The speech concluded with a call to action for advisers to embrace change while maintaining their core value proposition. "Client needs are changing," Charman summarised. "The economic landscape is volatile, and consumers' needs are more complex than ever, which means the importance of your advice is vital." 

Andy Shields, co-founder of Made Events, introduced the session. He commented: “It was incredible to have Stephanie join us and speak to the brokers at Mortgage Adviser Event London so soon into taking on her new role – it’s crucial for brokers to hear from those who are advocating for them and the advice sector, and Stephanie’s words were the perfect opener for a busy, optimistic day where brokers had the chance to explore the opportunities coming up in the next twelve months.” 

“It’s clear that buyers need brokers as much as ever – and that technological or regulatory changes only strengthen the need for well-informed, well-resourced advisers, which is what MAE aims to support.”