MBE: AMI clashes with CML

Nia Williams

May 23, 2011

Speaking at Mortgage Business Expo in Manchester Robert Sinclair, AMI director, said rules in the European directive on credit relating to residential property forcing lenders to advise borrowers on a sufficiently large range of mortgage products were something brokers should be fighting to keep.

He said: “I think this is the biggest win for intermediaries in 15 years. Advice through intermediaries is very important. Let’s face it, things are going to get tougher. People are going to need advice.”

Sinclair acknowledged that the CML would be lobbying the European Commission to remove the necessity for lenders to offer customers information about competitors’ products if they were more appropriate for the borrower’s needs. But AMI would be fighting to keep the rule.

He said working together was important for many of the changes the UK wanted to see in the directive, but on this issue AMI and the CML would be on opposite sides of the fence.

Sign up to our daily email