Welcome to our new AMI blog!
Chris Cummings - Director General - 20th June 2008 - 15:44
Welcome to the new AMI blog. We've introduced the new blog to help keep you in touch with the work AMI is doing for members, the campaigns we are running, and to provide an opportunity for debate and discussion. We are considering introducing a 'live chat' section for the website where we can debate the issues of the day, as a way of generating even more feedback and debate across the AMI membership and your views on this would be welcome.
As Director General, I am writing this first blog (I declare her open, and God bless her and all who blog on her!) but other members of the AMI team will be writing about the work they are doing and will want to get your response. Subjects may be controversial and excite lots of member comment - but that will all help us in our mission to protect and promote the mortgage intermediary community!
As was announced at the AMI Dinner, at the Cafe Royal, last week, we are finalising plans for a consumer campaign designed to reinforce the value (financial and service based) of mortgage advice. We have assembled compelling evidence of the financial savings consumers can make, during normal markets, of dealing with intermediaries - and 8 out of 10 people have told us that they visit an intermediary for the service (not for access to cheaper products). The mortgage intermediary community has much to be proud of: its commitment to helping consumers, its levels of service, the raising standards of professionalism, and it is AMI's job to get these messages across to the public. Given market conditions, there has never been a more urgent need for a strong trade body fighting the mortgage intermediary corner!
Talking of market conditions, AMI has been busy lobbying at the highest levels. As members will know, AMI was the first body to publish proposals to fix the credit crunch. Our White Paper, 'Fixing the Crunch' was very well received and provided the backdrop to our discussions with Treasury, FSA, Bank of England and Sir James Crosby, in his capacity of leading the mortgage review for the Government. AMI has also met with leading figures in the Conservative Party to put forward our proposals - as this was recognised at the AMI Dinner, when Mark Hoban MP, Shadow Secretary to the Treasury, stated that members could not have a more influential lobbyist than AMI.
We have also been meeting with lenders and their trade bodies to discuss 'dual pricing'. Of course, this has always been a feature of the mortgage market (and has usually favoured us) and we would not wish to see it eliminated (as this would also affect product exclusives, so long the hall mark of the mortgage intermediary community). But what we do need is a return to pricing strategies that demonstrate the low-cost, good-quality, nature of intermediary distribution. More will be said about this in the coming weeks! To help members address the dual pricing issues, AMI has worked with FSA to produce a set of good practice notes; these are now available and can be downloaded from the web site.
Unfortunately I must end this inaugural blog by acknowledging AMI’s restructuring announcement. Like many AMI members we are also feeling the impact of the credit crisis. AMI has always stuck to its principle of being a not-for-profit trade body, keeping membership fees as low as possible. We are forecasting that the difficult market will continue for at least the next six - nine months and so need to cut our cloth according to our means. We are restructuring to ensure that we maintain our focus on the key elements of promoting mortgage advice and protecting the intermediary community from growing legislative and regulatory burdens. This restructure will mean that the post of AMI Director will be made redundant and that Richard Farr will leave the organisation at the end of July.
Well, that's the first blog and your views and feedback are welcome and, indeed, needed. Future blogs will take more of a detailed look at particular issues. I look forward to seeing you soon at our regional events. Rsvp; chris@a-m-i.org.uk