View more on these topics

AMI lobbies for individual registration

The Association of Mortgage Intermediaries is campaigning for individual registration to prevent fraudsters entering the broker market.

At the Mortgage Product Positioning and Development Conference held in association with Mortgage Strategy last week, Richard Farr, director of AMI, says: “We’re lobbying for individual registration.

“All too often you see brokers who have been struck off the register appear again or businesses that had disappeared relaunched by the same registered person.”

Mike Fitzgerald, sales dir-ector of Brentchase Financial Services, says: ” It sounds like a great way of preventing bad brokers from hiding in large firms.

“Brokers are the public face of the industry and this will help to safeguard the reputations of the majority who work hard to do right by their clients.”

AMI’s call follows recommendations made by a recent Association of Chief Police Officers report to bolster the Financial Services Authority’s regulatory oversight of brokers.

The APCO report gathered evidence from 47 police forces, 45 lenders and a number of government departments.

It found that criminals are attracted to mortgage fraud because of the low risk of prosecution and high monetary returns.

Farr adds that although AMI members back individual registration there are concerns about rising bureaucracy.

Recommended

Sales advice online

Senior advisers at Thinc Group are giving masterclasses on sales techniques on the IFA network’s online show ThincTV.Thinc says the objective is to help its appointed representatives capitalise on the skills of its most successful advisers.Group director of mortgages Alex Murray says: “These classes will help our ARs make the best of current market conditions.”The […]

Deposit scheme disputes are rare

A tenancy deposit scheme has recorded just 341 disputes among its 200,000 accounts. Mydeposits.co.uk says the 200,000 figure represents more than £177m worth of deposits protected by some 31,000 landlords and letting agents.

The Skipton Group buys Scottish IFA

The Skipton Building Society Group has acquired a 75% shareholding in Thomson Shepherd, the Scottish based IFA (which trades as Coggans Wood in Edinburgh).

Newsletter

News and expert analysis straight to your inbox

Sign up