FCA Consultation on Fees & Levies for 2024/25

Members may have seen that the FCA issued their annual consultation on the fees charged to firms on Tuesday 9th March – AMI comments…

Consumer Duty has made vulnerability about ‘characteristics’ rather than ‘binary’

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 regulatory expectations around vulnerability…

Your March update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his March update, including the Mortgage Charter and the FCA annual business plan…

Sexism in the City feedback: recommendations for firms

The feedback report for the September Sexism in the City paper has been released. We are cited in the report, relating to our event code of conduct…

AI will not replace ‘divergent or creative’ thinking

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 on generative AI and regulatory expectations around vulnerability…

Mortgage Brokers: The climate is changing, should you?

The Mortgage Climate Action Group (MCAG) is delighted to invite you to its upcoming webinar: ‘The Climate is Changing, Should You?’ on 18th March at 10am…

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Who is AMI?

We are the voice of the broker

The Association of Mortgage Intermediaries Limited was incorporated as a fully independent trade body on 8th March 2012. We are the representative body for the mortgage and protection advice profession. Through our corporate membership, over 80% of all brokers belong to AMI, from the largest networks through to sole practitioners. We represent their interests with policy makers, politicians and regulators alike.

AMI is here to protect and promote the commercial interests of its members firms. The core role is to lobby and campaign on behalf of the intermediary and ensure you are aware of change that is coming. It is our mission to deliver a better business environment to our members and we work with consumer groups, the media, providers and other industry bodies to deliver this objective.

Members look to us to help them survive in a competitive market by offering regulatory support and representation, research, business support, good practice guides, member events, and early warning on key business and regulatory proposals.

We also incorporate The Association of Finance Brokers (AFB), the trade association that represents intermediaries operating in the secured loan (second charge mortgages over residential properties) industry.

In the last ten years we have worked hard to ensure the intermediary is better understood by government, civil servants, regulators, supervisors, lenders and insurers. When the Treasury, Department for Levelling Up, Housing and Communities (DLUHC), Department for Business, Energy and Industrial Strategy (BEIS), Bank of England, PRA and FCA have questions to ask or need information we are always on the list of key trade bodies they ask. We operate to ensure you understand their expectations in simpler language.

Read more below about what we do - our principles, priorities and successes to date.

What do we do?

Our objective is to promote the provision of good advice as an essential part of a healthy market for mortgages, which operates in the interests of consumers. To represent mortgage intermediaries in the UK and act to maintain a positive and ethical business environment by working with politicians, regulators and other industry bodies. Click on the images below to find out more.

  • AMI membership is on a corporate basis. AMI represents the interests of member firms not individuals.
  • Membership is open to all mortgage advisory firms, providing they are not tied to a single mortgage lender.
  • Board members leave their commercial interest at the door and focus on what is best for the industry.
  • We will focus on policy issues and work to influence new and existing regulation and interpret it for our members. As regulation shifts towards implementation, we will also pay attention to supervision and relevant thematic reviews.
  • We will work actively with our UK regulators, influence government and engage in Europe through BIPAR.
  • We do not defend the indefensible and always support good industry practice that operates in the interests of consumers.
  • We will work to find common ground with other trade bodies and key stakeholders – e.g. lenders, insurers and the consumer lobby.
  • We will consistently make the case that although regulation of mortgage business is appropriate, it doesn’t require a heavy hand.
  • We will cover the core aspects of the work that our members undertake: specifically residential mortgages and related general insurance and life & health insurance products.
  • We will make the case that proper consideration of consumer protection needs are an important part of mortgage advice.
  • We represent the interests of all firms and businesses with impartiality: “the voice of the broker” heard at public events and in discussions with policy makers and lender bodies.

For 2022/23, AMI will focus on the five key issues we believe are the most important facing our industry:

  • The implementation of Consumer Duty across the sector.
  • Ensuring a fair and proportionate revision of the Financial Services Compensation Scheme.
  • Minimising the impacts of the reviews of the Appointed Representative regime.
  • Advising firms on the emerging topics of ESG; Carbon, Green and how to educate brokers and consumers.
  • Developing an agreed position on the Lifetime mortgage market and attitudes towards holistic advice.

In addition to the above, we will also monitor and advise in the normal way the following:

  • The cost of provision of advice.
  • Protection.
  • Diversity and inclusivity.
  • Guiding our members to understand and respond to market changes.
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AMI Wins

From success in lobbying in the policy and regulatory fields, to winning industry awards, the hard work of our team deserves to be recognised – so we have created a special ‘AMI Wins’ page to fit it all in and shout out loud about our achievements!

We also….

  • Successfully lobbied the FSCS to take protection income out the “pensions” pot, saving the mortgage intermediary sector over £250m.
  • Our lobbying in 2020 meant government extended the stamp duty reductions to June 2021 and then phased them out – AMI was the first to call out the risk and took the data to Treasury to provide solutions.
  • Persuaded the FCA to remove additional consumer buy to let fees for mortgage intermediaries.
  • Lobbied government and the FCA to remove the need for mortgage intermediaries to hold a consumer credit permission to advise on buy to let.
  • Saw significant success with the FCA in establishing final MMR rules ensuring that in all mortgage transactions, whether they are undertaken by a broker or lender, a fully advised mortgage sales is a mandatory requirement.
  • Succeeded in allowing firms the flexibility to define their own scope of service with the FCA, along with keeping commission as a remuneration option for brokers, keeping level 3 as the basic requirement for mortgage qualifications and ensuring that lenders are clearly responsible for their affordability assessments.
  • Persuaded the FSA to set up simplified application process to allow firms a swifter direct authorisation approach than usual, which has been continued by the FCA.
  • Lobbied for a review of the ways FOS is funded, leading to a new arrangement where those firms that are FOS’s biggest users pay the majority of its costs.
  • Lobbied for a full-scale funding review of the FSCS, which led to a new funding arrangement being put in place.
  • Lobbied for a review of MAS, resulting in it being replaced.
  • Lobbied the Ministry of Justice for stricter rules and better supervision to be applied to claims management firms operating in the financial services sector. The Ministry of Justice amended its rule book to enhance its conduct requirements in light of the concerns raised by industry. AMI also supported the proposals for regulation to move to the FCA.

Our influence

We work closely with many groups to ensure a strong understanding of the mortgage Intermediary profession and to positively promote the need for intermediaries in the provision of mortgage and general insurance advice.

  • Department for Communities and Local Government
  • FCA Practitioner Panel
  • FCA Smaller Business Practitioner Panel
  • FCA Consumer Panel
  • Financial Conduct Authority
  • Financial Ombudsman Service
  • Financial Services Compensation Scheme
  • HM Treasury
  • Ministry of Justice
  • Money Advice Service
  • Prudential Regulatory Authority
  • Association of British Insurers
  • Association of Professional Financial Advisers
  • British Bankers Association
  • Building Societies Association
  • Chartered Institute of Insurers
  • European Federation of Insurance Intermediaries (BIPAR)
  • Intermediary Mortgage Lenders Association
  • UK Finance
  • The Society of Mortgage Professionals
  • Institute of Financial Planning
  • Personal Finance Society
  • Finance and Leasing Association

AMI has joined trade bodies from USA, Australia and Canada in founding the International Mortgage Brokers Federation (IMBF), an international organisation for national mortgage broker and mortgage finance associations to share ideas, client referrals, market intelligence, trends, regulatory matters and best practices.

With the internationalisation of our regulator it has become increasingly important to keep a watching brief on regulation elsewhere.  We are seeing increasing cross-border migration of regulatory concepts and different rates of fintech development.  Monthly conference calls will help keep us aware of global change.

Click here to view the IMBF website.

Our Board members

As part of being an open and transparent body, which is fully representative of its members and their interests, all Board positions are re-elected on at least a three year rolling cycle, although existing members of the Board may stand for re-election. The Board is based upon a constituency basis:
  • The Chief Executive
  • Adviser Constituency – 3 places
  • Regional Firm Constituency – 2 places
  • National Firm Constituency – 2 places
  • The Network Constituency – 4 places
  • The Club Constituency – 1 place
  • Association of Finance Brokers – 1 place
  • Co-options – 5 places

Our Board

Click here to see our current Board members.

Our Supporters

We have two specific membership categories – Associate and Affiliate – for companies with a special interest in the mortgage intermediary profession, be it from a provider of products or a services perspective.

These companies have declared their commitment to the mortgage intermediary sector and acknowledge the importance of AMI members in the provision of mortgage advice.

AMI is grateful to all of these companies for their financial support and their commitment to ensuring that brokers have a voice in the market place.

All of our supporters have an insight into their own markets and offerings that may be useful to you, and knowledge and initiatives that they would want to share and promote.

Although AMI does not endorse their opinions, we provide a platform for lenders and service providers to reach AMI members, and put forward their best ideas.

The following firms are associate or affiliate members of AMI:

We welcome applications from lenders and product providers who wish to support intermediaries and their trade body by becoming an Associate member. The price of membership is dependent on the level of lending conducted in the last company year.

We also welcome applications from firms who provide support services to mortgage intermediaries, such as technology companies, other product providers, lead generation firms, conveyancers, solicitors, sourcing systems, etc. These firms can become Affiliate members.

To join AMI as an Affiliate or Associate member, simply contact AMI Chief Executive Robert Sinclair at robert@a-m-i.org.uk.

The Association of Finance Brokers

The Association of Finance Brokers (AFB) is the trade association that represents intermediaries operating in the secured loan (second charge mortgages over residential properties) industry. The AFB represents brokers who are responsible for approximately 75% by volume and value of secured loans in the intermediary channel. Membership of the AFB is voluntary and on a corporate or individual basis.

AFB was established to promote the views of secured loans brokers operating in the UK and focuses on lobbying delegates in FCA and HM Treasury. In doing so, it aims to promote the interests of the industry in a constructive way that connects regulators and lawmakers with the “front line” of the secured loans market.

It is all too easy to focus on business and clients and be oblivious to a changing market place and regulatory climate.

Second charge regulation has undergone significant changes over recent years and since 2016 the same FCA regulation has applied to second charge as it does to the first charge market.

Your industry is evolving rapidly, increased scrutiny from FCA, the lender-distributor relationship, service levels, technological advances, government interventionist practices, access to information via the internet, the UK’s growing compensation culture – all have an impact on your business and how your client perceives you and the value of your advice.

If you are to continue to develop your business with a promising future, it is important that you understand the issues.

With AFB providing independent information for you to form your opinions, unbiased towards a particular product or company, you can be informed and stay ahead of change to ensure you thrive.

Our fellows

In 2018 AMI created a new membership class within the Association recognising individuals who have delivered an outstanding contribution and support to the trade body and the industry.

This membership class will be honorary members of the Association for life.  There will be no more than ten Fellows at any one time.

At the AMI Annual Dinner in November 2021, three new Fellows were appointed – Dean Mirfin, Sally Laker and David Copland, joining Stephen Smith who was made the first AMI Fellow in 2018 (left to right below, with AMI Chair Andrew Montlake and AMI Chief Executive Robert Sinclair).

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