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AMI says panel out of touch over non-advised loan sales

The Association of Mortgage Intermediaries claims the Financial Services Consumer Panel is out of touch with consumers’ needs after it called for the FSA to scrap its proposed ban on non-advised mortgage sales.

The FSA’s final mortgage market review paper, published in December, proposes to ban non-advised mortgage sales for all borrowers apart from high- net-worth clients and mortgage professionals.

Last week, the panel called for the FSA to remove this proposal from its final rules for all except equity release and sale and rent-back customers, FTBs and cre- dit-impaired borrowers, saying it inhibits shopping around.

Ami director Robert Sinclair says: “There is a gap between what the panel think consumers want and what they actually need. I think they have lost perspective of how this would affect all consumers.”

FSCP chairman Adam Phillips says: “We are all consumers of financial products. We are saying certain groups of people need advice but there should be an opportunity to opt out.”

John Charcol senior technical manager Ray Boulger says: “I do not think the consumer panel is putting enough value on the benefits of advice.”

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