AMI should take a positive stance and quit blaming others
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I was interested to read the comments from the Association of Mortgage Intermediaries last week in which the trade body accused the regulator of losing its way and creating an addiction to easy credit.
Isn’t it time we all stopped playing the blame game? We’re fed up with politicians doing it and we could do without AMI jumping on the bandwagon.
Next we will hear lenders blaming borrowers for accepting the mortgage offers they provided. At the height of the boom I don’t remember AMI saying lenders should be restricted from entering the market, let alone that some products should be withdrawn. No - I seem to recall it was more a case of let the good times roll.
It’s easy to pronounce with the benefit of hindsight and even easier to blame the FSA for everything as we look back to figure out where it all went wrong. I’m not here to defend the regulator. It failed in numerous areas, but brokers and their trade body need to accept some responsibility too.
AMI can’t claim innocence now - that would be nonsense. Its membership might have fallen in the past few years but it should get real - many brokers should never have been given the responsibility to run a bath, let alone financial advice businesses.
AMI cannot defend the indefensible - many brokers were crooks, as is now being evidenced in the continued reporting of convictions and fines.
The criminals need to be punished as they have tainted the industry and left a nasty smell that will remain for years.
AMI should look to the future, work to support brokers and justify the value of the intermediary channel but not slate the regulator. There’s a dire need to look at matters in a positive light, encourage innovation and rebuild the financial services industry.
We must work with the regulator as it now seems it won’t be going away. Stop blaming others, accept your own failings and build partnerships.
JONNIE DIAMOND
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