Rice confirms RAMP closure

Natalie Martin
06-Jan-2009
John Rice, managing director of the Regulatory Association of Mortgage Packagers, has confirmed the organisation is set to close its doors after more than five years.
Rice says the current economic conditions have forced the packager association to depart the market.

Rice says: “I’m afraid the time has come to call it a day.”

Since 2003 RAMP has worked to improve the standards within the packaging community.

It agreed a code of conduct within its own membership and has been actively involved in creating a wider packager code of conduct.

But Rice says: “The impact of the credit crunch means that RAMP has not been financially viable during 2008 and we have now exhausted our reserves that were retained from 2007.

“Unfortunately the current economic conditions are likely to continue to take their toll on some excellent firms and individuals and it is not easy to predict when times are likely to improve.

“I believe a more intelligent and informed approach is needed from both the government and FSA if they are to create a more stable market place going forward.”

Pavilion Securities recently left RAMP to join rivals the Association of Mortgage Packagers and Distributors.

RAMP has also recently lost members Solent Mortgages and em-financial.