AMI won’t join other trade bodies in Mifid lobby group

The Association of Mortgage Intermediaries will not join other trade associations in working to influence the Financial Services Authority’s decision on the European Markets in Financial Instruments Directive.

Some 11 bodies have banded to-gether including the Association of British Insurers and the British Ban-kers’ Association.

But Rob Griffiths, associate director at AMI, says it does not want to be part of the group because it is still unclear whether the directive will have a direct effect on the mortgage industry.

He says: “The way the directive is worded means that it’s not within our scope. It shouldn’t affect brokers or the Mortgage Conduct of Business rules. But if the FSA changes its COB rules, that might affect MCOB and Mifid may become far reaching.”

Sources say the cost of joining the other trade associations could be as high as 15,000 and that AMI would not be able to justify this to members.

The trade associations are lobbying to establish a cost-effective way to im-plement the directive.

AMI has launched a factsheet entitled A guide to European financial services legislation, looking at the impact of the European Commission on the UK financial services industry. It outlines European legislative process and the two existing directives that could affect mortgage brokers.