Robert Sinclair, chief executive of AMI, said: “The AFB membership has been conducting a contested election and I am delighted to advise that Marie Grundy of V Loans, based in Wilmslow in Cheshire, has won that election.”
Both the Financial Conduct Authority’s Mortgage Market Review and the European Union’s directive on credit agreements on residential property will raise challenges for both markets while the second charge market must prepare for the transference of the Consumer Credit Act from the Office of Fair Trading to the FCA.
Sinclair added: “Grundy’s position is to ensure the crucial role played by the second charge industry is understood and represented. This will ensure that the issues faced by finance brokers are considered and reflected in key debates.
“The AFB is here to make sense of changes occurring in the industry and give interpretation, leadership and guidance.”
Simon Stern, director of secured loan lender Prestige, said he has been pushing for some time for the AFB to part of AMI so that secured loans are represented within the wider mortgage market in light of the regulatory requirements both sectors are facing.
He said: “This is a significant achievement and a huge step forward and should be welcomed all round by both lenders and brokers. I know Marie and I am delighted that she has been elected to represent our industry.”
Gary Bailey, sales and marketing director at Blemain Group, said: “It’s good to see the appointment of the AFB to the AMI board. With the new regulatory regime it’s important that secured loan brokers have a stronger voice and this new partnership also highlights the increasingly significant role that second charge lenders are playing in the finance market. As brokers continue to help clients source the funding they need, these partnership organisations will play a key role, which will continue to grow.”
The AFB will continue to hold regular member meetings to understand the issues facing the sector and ensure all regulators hear firsthand the key messages.
Sinclair said he urges all non-members to sign up to get their voice heard.
He added: “A strong and effective trade body needs support from all parts of the industry in order to deliver improved standards.”