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Packagers plan trade body to increase regulatory clout

Mortgage packagers are in talks about setting up a trade body which would aim to increase the sector&#39s influence in the new regulatory regime.

Talks on the creation of the UK Association of Mortgage Packagers are being facilitated by Julian Jennings, who is stepping down as chief executive designate of the National Association of Mortgage Brokers and Advisers.

A meeting between packagers had been planned for last week but this has now been rescheduled until January, when they will decide whether they should be part of Namba or whether they should form the new autonomous association, the UKAMP.

The impact of the Treasury&#39s recent decision to regulate mortgage advice will also be on the agenda.

An invitation letter sent to packagers states: “The packager sector will be better positioned to influence development of the new regime if it organises itself into an effective and proactive independent trade body.”

If UKAMP is established, Jennings says he will not head it as his role is only as a facilitator after being approached to take the lead. Currently, the nearest thing packagers have to a trade body is the Professional Mortgages Packagers Associate, a commercial negotiating body representing nine firms.

Jennings says: “At the meeting being rescheduled for January, a group of packagers will get together to decide if Namba represents them or if they should have an association of their own.”

Professional Mortgages Packagers Associate founding director Rick Jannels says: “The Namba thing did not work because of the sheer size of financial charges and the same problem applies to UKAMP.”

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