The fate of a new trade body to represent mortgage packagers will be decided next week as indus...
The fate of a new trade body to represent mortgage packagers will be decided next week as industry representatives gather to create a voice for the mortgage market. One of its aim will be to increase the sector's influence in the development of the FSA's emerging regulatory regime.
The association's provisional title of UKAMP, has been shortened to the association of mortgage packagers (AMP).
A steering committee of six meets on the 31 January to decide AMP's fate with an announcement on the issue pencilled in for early February.
Julian Jennings, representative for the National Association of Mortgage Brokers and Advisers (NAMBA), said: "In the minds of the steering committee, the association will definitely be formed but it really is about what shape the association will present itself as."
The association will likely take shape as a limited company by guarantee, the route taken by most associations. Its constitution and other issues, however, are less easy to predict.
AMP will not be part of NAMBA in order to maintain clarity and prevent any possible conflict of interest. Jennings explained: "The mortgage packaging fraternity is extremely diverse - you have some pure packagers and others who are mortgage brokers as well as packagers."
"For mortgage packagers that are all things to all people, there is no reason why they can't be a member of AMP and at the same time a member of NAMBA in there own respective broking activities," added Jennings.
Jennings will not head the new association but as with NAMBA, he will provide a management support role.
Jennings said AMP will have its own chairman, board of directors and probably spokesman.
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