AMI to establish protection interest group to build knowledge of sector
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The Association of Mortgage Intermediaries is to create a protection interest group following a strategic review of the trade body.
The Association of Independent Financial Advisers, parent of AMI, announced in December 2010 that the trade associations were to undergo a strategic review to ensure they were fit for purpose.
AMI director Robert Sinclair says that although feedback about AMI was positive, there were suggestions that it should have more knowledge of the protection sector.
Sinclair says: “There was a desire from the AMI board for us to do more in the insurance protection arena. Perhaps we need to build our skills, expertise and commentary in this part of the landscape.”
He says it is looking to create a protection interest group and will ask AMI members to put some names forward.
Mike Fitzgerald, sales and marketing director at Emba Group, says protection sales now represent up to 50% of brokers’ businesses.
He says: “AMI has got it spot-on by creating an interest group and building this area up. Three years ago a lot of firms were just providing mortgage advice, but you can’t ignore protection now.”
Following the review AIFA will be establishing a college-based system, meaning each sector will have its own college which will decide the agenda for that sector.
The AMI board will move from being the agenda setter to providing governance.
The role of its sister trade body, the Association of Finance Brokers, has yet to be decided. It was set to merge with AMI before the regulation of the secured loans sector was pushed back to 2014.
On the subject of fees, Stephen Gay, director-general of AMI, says there is an acceptance that it cannot be a gravity-defying organisation and that if members expect successful outcomes, these will have to be linked to the amount of resources it has.
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