statutory regulation of the mortgage industry is one year old today and the Association of Mortgage Intermediaries has launched its One Year On campaign to mark the occasion.AMI hopes intermediaries will download its One Year On document from website www.a-m-i.org.uk and fill it in, detailing their experiences and gripes since Mortgage Day. The information compiled will be conveyed to the Financial Services Authority when it reviews the Mortgage Conduct of Business and Insurance Conduct of Business rules. Chris Cummings, director-general of AMI, says: “One Year On gives intermediaries the chance to contribute to the nature of the regulations they work with every day. There have been some difficulties since M-Day but these will not be addressed properly unless we have feedback and positive engagement from the industry. “The FSA is committed to being a regulator that is easy to do business with and, to its credit, it has listened to the industry in previous consultations. Though firms have undertaken a significant learning curve in the past 12 months, it would be a great help if some areas of regulation could be clarified and simplified. “It is in the interests of the regulator, intermediaries and consumers that the mortgage rules work effectively, and the sooner the better. “By taking the time to register their experiences, intermediaries can help make One Year On a significant step in the right direction.” You can download the document and submit it online to AMI, or at stand G48 at this year’s Mortgage Business Expo on November 16 and 17.
From Warwick Tidy In a mortgage market in which the lunatics have finally taken over the asylum, might I thank the staff at the Okehampton branch of Cheltenham & Gloucester for the following: Live answering of the phone before three rings and no looney tunes. All members of staff knowing exactly what they are talking […]
Reports in The Times today say that deputy prime minister John Prescott will today finally publish draft laws on home information packs. From Spring 2007 anyone selling a home will have to provide potential buyers with a HIP, which will include evidence of ownership, local authority searches and a new home condition report before they […]
Home of Choice is in talks to acquire smaller networks and says it has recruited a well known industry figure to help design exclusive mortgage products. Richard Coulson, managing director of Home of Choice, predicts the network will double its current 1,100 applications in the next three years, to over 2,000. He says it has […]
Purely Financial Group, which trades as one of the UKs national low fee mortgage brokers Purely Mortgages, has announced that Triandra has made an investment for 50% of the enlarged share capital of the company. Triandra is ultimately owned by Investec Trust as trustees for the Tchenguiz family trust. Mortgage Ventures, Purelys seed investor, retains […]
By Rob Burnett, head of European Equities at Neptune The ECB delivered a strong package in its latest policy announcement that managed to find the right balance between supporting the economy and not endangering the banking system. The EU banking system is very sensitive to negative rates and, if the ECB were to have cut […]
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