AMI and AFB to stay as distinct organisations

The Association of Mortgage Intermediaries and the Association of Finance Brokers are here to stay, says director of both organisations Robert Sinclair.

Sinclair says that with the backing of the Association of Independent Financial Advisers, the organ- isations have the funds and resources necessary to carry on as separate entities for as long as their sectors require them to do so.

He says: “We have the flexibility and the money necessary to fund jobs across both bodies.

“We intend to continue running both AMI and the AFB – as long as there is a market requirement we will be there.”

Speaking at Abbey’s key accounts conference in Sunningdale last week Chris Cummings, director-general of AMI, warned the number of mortgage brokers could plummet.

He says that if present trends continue there will be a reduction in the number of brokers from a peak of 30,000 at the end of 2007 to a low of around 15,000 by the end of 2009.