In an update to its members, the trade body says much of its lobbying work is done out of sight, and if every issue was raised publicly its lobbying influence would be adversely effected.
AMI senior policy analyst Andrew Strange says that AMI has engaged with a number of stakeholders to tackle the problem. “These people include the CML, IMLA, FSA, and AMI are subsequently considering OFT involvement.”
“We are also conversing directly with the largest lenders, to highlight the importance of a strong and supported intermediary sector.”
Strange says AMI does not understand why an intermediary lender would choose to launch a range of products undercutting – and undermining – its own intermediary product range.
AMI says it hopes to issue guidance to members and a possible market solution within days.
Strange says: “This follows successful meetings with FSA to discuss solutions put forward by AMI. It is possible that the solutions themselves, combined with AMI’s wide-spread lobbying work will also succeed in tackling the issues with lenders, and may result in improved market conditions anyway.”