Press
AMI forms mortgage taskforce
by Joy Dunbar
FinancialAdviser 30th July 2009
A working party to consider the major issues facing the mortgage market has been formed by the Association of Mortgage Intermediaries.
The working party will help shape the association's response to the FSA's mortgage discussion paper, expected before October.
The paper will cover wider macro-market issues, conduct of business rules and affordability.
Robert Sinclair, director of AMI, said it was critical intermediaries provided a strong and coherent message in advance of the discussion paper later this year.
He said: "The FSA is already developing a view of the regulation necessary to manage the mortgage market. This working party will allow us to build on views expressed in the member consultation on mortgage regulation we ran in May and June this year.
"Given the difficulties many consumers are facing, it is vital that regulation does not restrict access to independent financial advice for those who need it most.
"We therefore encourage members to contribute to this working party to ensure any regulatory changes proposed lead to better outcomes for both consumers and the industry."
James Carter, proprietor of London-based IFA Independent James, said AMI had been championing the intermediary market and had done a good job highlighting issues facing the sector.
He said: "Having a stable mortgage market ensures that home ownership is a sensible route for most people.
"We need to ensure that people can get the same mortgage deals. We have had a period of mortgage innovation, like self cert, buy-to-let, the adverse credit market and non-conforming mortgages. It came in and now it is almost gone."