Our role is to represent member firms’ interests to create a positive business environment for intermediaries. We tirelessly lobby for change and have been successful in the following areas:
Financial Conduct Authority
- Persuading FCA to remove additional consumer buy to let fees for mortgage intermediaries
- Lobbied government and FCA to remove the need for mortgage intermediaries to hold a consumer credit permission to advise on buy to let
- Significant success in establishing final MMR rules that work for mortgage brokers. With a focus on:
- Ensuring that in all mortgage transactions, whether they are undertaken by a broker or lender, a fully advised mortgage sales is a mandatory requirement.
- Allowing firms the flexibility to define their own scope of service.
- Keeping commission as a remuneration option for brokers
- Keeping level 3 as the basic requirement for mortgage qualifications
- Ensuring that lenders are clearly responsible for their affordability assessments
- Lobbied in Europe for the creation of an EU Mortgage Directive that does not substantially go beyond the rules applied under the MMR and allows for the rules relating to mortgage advice to be applied equally across all forms of distribution (intermediary and lenders sales staff).
- Worked alongside the Council of Mortgage Lenders (CML) and the Intermediary Mortgage Lenders Association (IMLA) to produce ‘Working Together’. The document clearly sets out what each party is expected to undertake at each stage of the customer journey. The latest document was produced by the trade bodies in 2016 to reflect the implementation of the Mortgage Credit Directive.
- Persuading FSA to set up simplified application process to allow firms a swifter direct authorisation approach than usual. This has been continued by FCA
Financial Ombudsman Service
- Lobbied FOS to bring about 25 ‘free cases’ for mortgage intermediary firms and to ensure lowest possible level of firm fee.
- Lobbied for 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.
Financial Services Compensation Scheme
- Lobbied for a full-scale funding review of FSCS which led to a new funding arrangement being put in place for 2014, and have since lobbied for a further review which will take effect from 2018/19
Money Advice Service
- Lobbied for a review of MAS. A statutory review was launched in March 2014, which concluded that MAS would be replaced.
Ministry of Justice
- Lobbied 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 in 2014 to enhance its conduct requirements in light of the concerns raised by industry. AMI has supported the proposals for regulation to move to the FCA.