KFI may get a reprieve, says European adviser
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The Key Facts Illustration may not be scrapped as part of the European mortgage directive.
As it stands, the directive calls for the KFI to be replaced by a European Standardised Information Sheet in all European countries.
But speaking at the Mortgage Business Expo in London last week, Isabelle Audigier, a policy adviser from BIPAR, the European Federation of Insurance Intermediaries, told delegates: “Last week a UK MEP called for those countries that already have an instrument in place, such as the KFI, to be able to keep it.”
But she says it remains to be seen if the amendment will be adopted.
Meanwhile, Robert Sinclair, director of the Association of Mortgage Intermediaries, claimed at the Expo that the UK is leading the discussions on the directive.
He told delegates that UK trade bodies have a bigger voice than other European countries.
He says: “The UK has the strongest trade bodies in the European regulatory landscape. AMI is leading the discussions on behalf of all European brokers. Rather than German or Spanish, it is British voices that are leading the discussions - which has been an important win for us.”
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