AMI issues reassurance over chief’s departure

patrick bunton
Patrick Bunton, move will have little impact

The Association of Mortgage Intermediaries says it is business as usual, following the announcement last week that director-general Stephen Gay is leaving.

Gay joined the Association of Independent Financial Advisers and AMI in December 2011, but is leaving the trade bodies to take up the position of director of life, savings and protection at the Association of British Insurers.

His leaving date is still being negotiated and Patrick Bunton, joint deputy chairman of AMI and director at London & Country, says it will be the job of the AIFA council to decide if Gay will be replaced.

Regarding AMI, he says Gay’s departure is neither good nor bad news for the trade body.

He adds: “Robert Sinclair is the key guy regarding AMI issues. AMI has a strong board with some heavyweight industry practitioners. From an AMI perspective, Gay’s departure doesn’t have much of an impact.”

There were rumours last year that the AMI board was considering breaking away from AIFA and setting up alone as a result of AIFA’s strategic review.

Bunton says AMI has always worked with regulators and other trade bodies to forge a united position on issues such as the Mortgage Market Review. But he says there is not the same degree of unity with AIFA and the investment community.

He adds: “AMI will be monitoring the AIFA council to see what it decides about its future direction.”

And Gay says: “I am proud of the work that AIFA and AMI do for their members and what we have achieved during the past year.

“I am also grateful for the support shown by our council and boards, and the dedication of all the staff during what has been a difficult year for advisers.”