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Meeting will decide fate of packagers&#39 trade body

The fate of the planned UK Association of Mortgage Pac-kagers trade association will be decided at a meeting this week.

The meeting will thrash out whether there is a need for such an association or whether packagers should throw in their lot with other mortgage intermediary associations.

Several packagers, including Pink Home Loans and Network Data, are boycotting the meeting organised by outgoing National Association of Mortgage Brokers and Advisers chief executive Julian Jennings, saying they are not convinced of the merit of an organisation representing only packagers.

They believe there is an urgent need for an effective trade association for all intermediaries which will have the power to help shape policy in the run-up to 2004 when the FSA takes responsibility for regulating mortgage advice.

Pink Home Loans says it does not see packagers as separate from intermediaries as they are both trying to meet the same needs of customers but there is a strong need for an organisation representing intermediaries separate from lenders.

Mortgage Intelligence, a lenders&#39 club, says it thinks an organisation solely for packagers will lack teeth as it will not represent a cross-section of the mortgage sector.

Packager Net-work Data national sales manager Peter Gladdy says: “There is no need for an organisation for pac-kagers separate from intermediaries and I am not happy with the way this is being set up. There is an urgent need for an association for intermediaries which must come from the industry.”

Jennings says: “The whole point of the meeting on Thursday is to decide whether this separate association for packagers goes ahead. As one would expect, there are some who would like it to happen and others with different views.”


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