IMLA and AMI publish panel removal guidance
The aim is to ensure a fair approach to matters including panel suspension or removal so that governance processes are fair, transparent and subject to the appropriate right of appeal.
Peter Williams, executive director at IMLA, said: “The intermediary channel is at the core of the UK mortgage market.
“Our shared aim is to help lenders and intermediaries think about how best to manage their relationships around the difficult area of panel suspension or removal.
“Each lender will differ in the detail of its approach, but the same principles apply across the board. The aim of providing clarity within this general framework is to ensure lenders have processes in place which are as fair and transparent as they can be.”
Robert Sinclair, AMI chief executive, added: “We appreciate the work that has gone into this by our lender colleagues.
“We are already aware that in negotiating this document, a number of lenders have introduced changes to their procedures.
“We know that others will complete their reviews shortly. This partnership approach to change is what will continue to make intermediary distribution of mortgages the natural choice of the future.”