AMI Connect | October 2011

Robert Sinclair
AMI Director

The issue of housing and the mortgage market was more prevalent at this year's party conferences than this time last year.

The Conservatives acknowledged that the housing market is bound up by the debt crisis. Both Labour and the Lib Dems announced plans to address social housing issues.

However the issue of affordable housing, to both buy and to rent, is also likely to have been driven on to the party conference's agenda by the growth in constituents visiting their MP's surgery to raise these concerns. With private sector renting now experiencing record rental levels, buying a property appears comparably more affordable. However, it is the issue of finding a deposit to meet lenders LTV demands which holds many consumers back.

The Government wants to overhaul the right-to-buy schemes by offering increased discounts and reinvesting the revenue raised in building 100,000 new affordable homes. The fact that these announcements were given by the PM shows how important the issue is now being considered by government.

Revising right-to-buy will create a great deal of debate not only across our industry, but also from local councils and council tenant groups. We would not want to see a re-occurrence of the mis-selling issues which previously blighted right-to-buy mortgages. Quality mortgage advice, such as that offered by AMI members, will be important. Linked to this will have to be discussions with lenders on who will want to fund this part of the market, previously served by lenders no longer with us. Also, FSA needs to forge ahead with individual registration across the mortgage industry to reduce potential rogue brokers.

These Government initiatives will help the market but low gross lending levels are still the big issue that is hampering the housing market.

Monthly news round-up

Join us in London at Mortgage Business Expo 2011	Concerns about FOS' proposals to publish final decisions

We are pleased to once again be supporting MBE 2011, which will be held on Wednesday 16 November – Thursday 17 November, at Olympia 2, London... read more	FOS has announced that it will be consulting on proposals to publish Ombudsman Final Decisions... read more

Featured articles

Ombudsman news

This month's ombudsman news features a response to business feedback. In this section it considers the issues of frivolous and vexatious complaints. The example given in the Ombudsman news states that 'a complaint referred to us about a mis-sold PPI policy could, in some cases, be categorised as 'frivolous and vexatious' if the consumer (or their representative) persisted in bringing the complaint to us when they should clearly have known, from information already available to them, that no policy was ever sold to them'.

Read the ombudsman news

Forthcoming events

Financial Ombudsman Service events

FOS run training days and seminars around the UK, aimed at giving businesses the opportunity to learn more about the ombudsman service.

We will keep you informed of any FOS events we feel are beneficial to you but keep checking back at the FOS website for upcoming events.

The Mortgage Event 2011 –
7, 8, 14 and 15 December

The Mortgage Event will travel to four different locations around the country – bringing the industry's leading figures to a venue near you.

Each CPD accredited programme is specifically tailored to address the current issues and concerns facing mortgage professionals in the area.

Visit The Mortgage Event 2011 event page

This information has been prepared for the members and contacts of the Association of Mortgage Intermediaries.

The information and options expressed in this document are not necessarily comprehensive and do not purport to give professional advice. If you would like specific information or assistance please call your usual contact at AMI.

The information contained in this email is intended only for the individual or entity to whom it is addressed. It may contain privileged and confidential information and if you are not an intended recipient you must not copy, distribute or take any action in reliance on it. If you have received this email in error, please notify us immediately by telephone on 020 7628 1287.

www.a-m-i.org.uk is a site operated by the Association of Independent Financial Advisers("We", "us" or "our"). AIFA and the Association of Independent Financial Advisers, a company limited by guaranteed, registered in England and Wales under Companies Acts with number 3779289.

Our registered office is 100 Fetter Lane, London, EC4N 1BN. Our main trading address is Austin Friars House, 2-6 Austin Friars, London EC2N 2HD.

Also, www.aifa.net and www.theafb.net are site's operated by Association of Independent Financial Advisers (AIFA) and Association of Finance Brokers (AFB) and are trading names of the Association of Independent Financial Advisers.