The Association of Mortgage Intermediaries is working on a consumer responsibility White Paper which will clarify what responsibility consumers should take when it comes to their finances.
Speaking at the Network Data Annual Conference today, Richard Farr, director at AMI says that brokers will have to start having more robust conversations with their clients regarding their financial situations in a bid to try and make them cut down on over spending.
Farr says: “Consumers have some responsibility and the broker’s role lies somewhere in the middle.”
He also discussed his frustration at speaking with the Treasury regarding long-term fixed rates.
He says: “We have had discussions with the Treasury about how it wants to resurrect long-term fixed rates, and it won’t be told no. We don’t want the German model, but it is not listening at all.”
He also revealed that it will be working more closely with the Intermediary Mortgage Lenders Association to produce a document that discloses lender responsibilities.
The aim is that it will also include a definition of what is meant by fast-track and what is meant by self-cert, although he says this cannot be done until all lenders agree on a definitive definition.
He says: “I know one lender that is guaranteeing fast-track to go through.”