TFC slams PMPA over &#39seal of approval&#39 support

Sub-prime packager The Finance Centre is calling for a boycott of the Professional Mortgager Packager&#39s Association.

TFC objects to the PMPA&#39s involvement with advertising for the &#39seal of approval&#39 packager campaign run by Birmingham Midshires Solutions.

The campaign has seen BMS slim down its packager panel, but critics claim it is an ill-concealed attack on the packaging community.

Wayne Smethurst, senior partner at TFC, says: “For PMPA to back such a campaign is either very naïve or a gross error of judgement. No organisation that claims to have the interests of the packaging profession at heart should be involved in overtly attacking other members of that community.”

In its advertising campaign, BMS labels mortgage packagers as “the meddling men” who charge extortionate fees. The lender cites PMPA and several independent packaging organisations as the only third parties that intermediaries should deal with.

“What individual companies do is a matter for them,” says Smethurst. “However, when a body that claims to represent the industry becomes involved that is another matter.

“I want to make it absolutely clear that the overwhelming majority of mortgage packagers in this industry are decent, professional people who are committed to setting and maintaining the highest standards right across the board.”

He adds: “To suggest that there are less than 20 packagers in the UK that are professional, as PMPA and BMS are doing, is ludicrous. Unfortunately, there is a possibility that some intermediaries may start to believe what they read unless someone like TFC stands up and defends the industry against these claims. That is why we have opted to speak out.”

Smethurst says the PMPA recently approached TFC about joining the organisation. He says: “There is no way we will be considering such a move until this matter is resolved. I hope other organisations vote with their feet so that the PMPA sees sense sooner rather than later.”