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AMI won’t set notice period for repricing

The Association of Mortgage Intermediaries says it will not put pressure on lenders to introduce a minimum notice period for product withdrawals, despite some lenders giving brokers only a few hours notice of repricing.

Director general Chris Cummings says the AMI does not want to see further regulation imposed on the industry and he understands lenders have to be quick to respond in today’s climate. Cummings says the AMI has provided guidance on the sub-prime situation on its website and will continue to consult with the Intermediary Mortgage Lenders’ Association and Council of Mortgage Lenders.

He says the AMI held a meeting on Monday due to the recent tightening of credit standards in sub-prime.

Cummings says: “It is a case of understanding which lender will do what business and who can get a sub-prime mortgage compared with a month ago.”

Premier Mortgage Service managing director John Malone says: “Each lender is doing what they believe is right for their marketplace. Lenders must be allowed to run their business how they want to run it. People have to be reasonable because it is an unreasonable time we are working in.”

Personal Touch Financial Services sales manager Dev Malle says: “We work in a marketplace where prime lenders have been doing this for years. I think it is unfair in the current market to point the finger. It is a difficult market and we have to bear with them.”


Clerical error over non-indemnity

The more that Clerical Medical tries to revive its profile in the IFA market, the more it seems to trip over its own shoelaces. Hardly a week goes by without the appearance of a report on another Clerical Medical gaff which has upset some part or other of the IFA community, the latest one being […]

Protection plea

Some advisers believe that the protection business will be brought under the constricts of the retail distribution review and are calling for pure protection to be ringfenced. Helen Pow reports

Wild at heart

Cut! The FSA is in danger of producing a turkey with its script for the RDR

Grandfathering plan is rejected

IFAs have criticised calls from SimplyBiz chairman Ken Davy for advisers with three years’ experience to be grandfathered into the professional financial planner category.Davy says grandfathering should be available to individuals who have been advising for at least three years with a good complaint record and who opt to work under the customer-agreed remuneration model.But […]


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