AMI separates from AIFA
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The Association of Mortgage Intermediaries has split from its parent, the Association of Independent Financial Advisers.
AMI will become an independent organisation headed up by its director Robert Sinclair.
John Gummer, chairman of AIFA and AMI, says: “AMI has grown significantly over the past five years, but it has also grown up. It is now a position to stand on its own two feet and be financially autonomous. The AIFA Council and AMI Board feel now is the right time for it to set out in its own direction.
“AIFA is in a strong position following the changes we have made to the way the organisation is run. Led by the hard work and commitment of the AIFA Council and the executive team, we remain in a position to deliver the single, strong and united voice for the advice profession.
“We will continue to negotiate the remaining outstanding aspects of the RDR, the new regulator, and deal with incoming European regulation. The changes will allow AIFA to focus solely on the interests of investment intermediaries.”
Lord Deben will remain as chairman of both organisations and AIFA says he will ensure a dialogue continues on industry issues of common interest.
AMI’s two deputy chairmen, Pat Bunton of London & Country and Stephen Smith of Legal & General Network, will continue in their roles, while AMI’s current constitution will continue and the existing board will transfer across to the newly independent organisation. Policy work, carried out by Alex Revell, will also transfer.
Sinclair says: “This is the time to make a change to ensure we can deliver continued focussed representation for our members. We have done the preparation work and we know we can deliver a financially stable and robust trade association for mortgage intermediaries which is able to dedicate its time to making sure this part of the industry is ready for the changes which the Mortgage Market Review and the European Mortgage Directive will bring.
“This change has the full backing of the AMI Board and the AIFA Council and we are looking forward to an exciting future. We would like to thank AIFA for their help over the years in enabling AMI to develop to this stage of maturity and we wish our colleagues there well.”
Mortgage Strategy reported in October 2011 that the board of AMI was considering breaking away from AIFA.
AIFA and AMI underwent a strategic review earlier that year as a result of which it was announced in July 2011 that a member of AMI would sit on the AIFA board.
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