IMLA sets strategy for 2006
‘Treating Customers Fairly’ (TCF), Home Information Packs (HIPs) and a review of MCOB and ICOB regulation are all under the IMLA spotlight as is securing the intermediary mortgage market, an area that IMLA will work on in conjunction with
the Association of Mortgage Intermediaries (AMI).
Guy Batchelor, chairman of IMLA, commented that 2006 would bring further challenges to the industry with the organisation keen to remain abreast of any market trends and changes. He said: “2006 is going to be a very challenging year for the intermediary market and these areas were identified by us as having the most potential impact over the coming year and into 2007.”
Particular industry concern has arisen over HIPs and their introduction into the market. Alan Dring, sales director at econveyancer, praised the association for highlighting the topic of HIPs before their official launch into the market. He said: “IMLA is right to prioritise HIPs and ideally the organisation will be addressing the education process of the packs and how people can prepare for their implementation.
People have their own opinions about HIPs but it is good to see Guy Batchelor and IMLA focusing on their impact on the market.”
He added that firms should start thinking about HIPs now and what offers would be available from HIP providers. He said: “IMLA has to be encouraged and firms need to look now at how independent and transparent the various proposals are.”
l IMLA has also confirmed Bank of Scotland, Halifax and Rooftop have joined the organisation, bringing its membership up to 32.