October 31st marks the first anniversary of statutory regulation of the mortgage industry.
Over the last twelve months, firms have managed the day-to-day realities of FSA regulation and the Association of Mortgage Intermediaries has launched its One Year On campaign, calling for intermediaries’ input on their experiences.
Whether they have been engaged in regulatory reporting, financial promotions, periodic fees, or disclosure documentation and record keeping, AMI has been in constant dialogue with intermediaries and the regulator on the key issues that firms have faced.
The result of this consultation is a detailed dossier on the effect of FSA regulations on intermediaries and their customers, covering aspects that have achieved the intended benefits – and those which plainly haven’t. This dossier has provided the framework for a response from intermediaries on these issues.
AMI has published One Year On, available at www.a-m-i.org.uk, outlining the key aspects of the FSA rules and inviting firms’ comments. By using the two-page document to register their experiences firms are asked to identify the issues they have faced, which can then be conveyed to the FSA when it reviews the MCOB and ICOB rules.
Chris Cummings, Director General of AMI, says: “One Year On gives intermediaries their chance to contribute to the nature of regulations they work with each day. There have clearly been some difficulties but these will not be addressed properly unless we have feedback and positive engagement from our industry.
“The FSA is committed to being a regulator that is easy to do business with and, to its credit, has listened to the industry during previous consultations. Though firms have undergone a significant learning curve in the last twelve months, it would be a great help if some areas were clarified and simplified.
“It is in the interests of the regulator, intermediaries and consumers that the mortgage rules work effectively, and the sooner areas of confusion and ineffectiveness can be addressed the better. By taking the time to register their experience, intermediaries can help make One Year On a significant step in the right direction.”
AMI is asking firms to download the two-page One Year On and submit their comments to AMI by e-mail at [email protected]. AMI will also be present to receive firms’ views at stand G84 this year’s Mortgage Business Expo, to be held at the Earls Court exhibition centre, London, on 16th and 17th November.
Comments are welcomed for all firms. The project closes on Thursday 1st December.
