AMI provides plain-speaking guide to final mortgage rules

The guide has been prepared in-house by director of mortgages, Chris Cummings and policy officer, Ben Stafford in consultation with industry members and is intended to give brokers a ‘way in to the final rules’, said Cummings.

He added: “Feedback from members has been that the FSA’s Final rules at 337 pages, is an imposing read. For many intermediaries, this is their first experience of handling ‘FSA-speak’ and it can be daunting. Our role as the sole trade body for mortgage intermediaries, is to provide clear, plain English help and support.”

The ‘AMI guide to Mortgage Regulation’ is not intended to replace the original report, but focuses purely on the important intermediary sections, said Cummings.

It is structured in the same way as the Mortgage Conduct of Business Rules (MCOB) which AMI hopes will make cross-referencing for greater clarification easier.

The guide covers the entire Final Rules from application forms to financial promotions and the Initial Disclosure expectations, but AMI also urges members to download the full MCOB document from the FSA website.

AMI has plans to release further guides including a guide to the general insurance final rules and another guide on lifetime mortgages. See www.a-m-i.org.uk for further details.

Pink Home Loans has also released its own ‘The Road Ahead’ regulatory solution guide, which offers a selection of route maps to help brokers work out which path to take under regulation. For more information, call 08707 590 169.