When asked their opinion on a possible trade body for packagers similar to AMI, half the delegates at Mortgage Strategy’s Mortgage Packager Summit in Nice, France, last week thought it would be a positive step for the packaging market.
But almost all felt that a standing committee would be more realistic.
Chris Cummings, directorgeneral of AMI, says: “We would be delighted to offer AMI’s offices to bring the alliances together. It would be a self-selecting process and I hope to be able to deliver changes similar to those that AMI has delivered to the broker sector.”
Vic Jannels, group managing director at All Types of Mortgages and a member of the AMI board, says: “It is right and proper that AMI should launch a standing committee for packagers.
“From discussions at the Summit it is clear we are all thinking along the same lines – that packagers will be fully regulated by the Financial Services Authority possibly by the end of 2007, and that we need to be prepared for
this and get it right.”
Jannels thinks the committee should consist of packagers who would look at issues concerning the sector before reporting to the AMI board.
He adds: “We need to sit down as a group and elect some packager representatives who will meet and put an itinerary together for the future.”