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Ami: ‘Individual registration disciplinary process must be fair’

The Association of Mortgage Intermediaries says any future register for mortgage brokers must have a clear disciplinary procedure in place to ensure advisers are not treated unfairly.

In its first mortgage market review consultation paper in 2009, the FSA said it would create a register of brokers to provide a public record of all authorised mortgage intermediaries and limit the ability of individuals to hide from regulatory penalties.

But at the end of 2010, it delayed the plan until 2012/2013. Then in February this year, the FSA revealed it has indefinitely delayed the development of the register.

The FSA says the delay is down to “systems implications” caused by the upcoming switch to the new regulatory system in April. However, it says it is keen to work with the industry to come up with an interim solution.

Earlier this month, Money Marketing’s sister title Mortgage Strategy revealed Sesame Bankhall Group and other key providers are looking at building an interim system to individually register brokers.

Speaking at the Mortgage Business Expo in London last week, Ami chief executive Robert Sinclair said: “We have to find a way for this register to work for the consumer and it has to work across the industry, whether it is for intermediaries or lenders’ direct sales staff.

“We also have to make sure it does not damage brokers by kicking them off the register when they have done nothing wrong. There has to be some form of proper disciplinary process.”

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  1. Some lenders are banning advisers for poor quality applications! Also we are responsible for a number of clients actions, over which we have no control. Any mortgage adviser knows that each lender has different criteria? Some cases are rejected by one lender and agreed by another for a host of reasons! But the compliance functionaries have a different view on this! The lenders should NOT be allowed to strike an adviser off. It should be their Network which who should be complained to and who do a thorough investigation. Its not fair to take away self employed people’s livelihood on minor procedural issues! The whole issue of mortgage fraud is rather hipped! We need to get realistic about it and have a balanced approach!

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