Robert Sinclair, director of the Association of Mortgage Intermediaries (AMI), says the market is starting to rejuvenate after thousands of brokers were forced out during the past two years.
Speaking at the AMI annual dinner last night, Sinclair said broker numbers had fallen from around 30,000 at their peak to no more than 12,000 now. However, firms remaining after the tumult of the past two years were the "good corporate citizens".
"We have had some members come and go because we can't be in a no-failure regime. The only thing a trade body can say is let there be choice. We've seen a massive fall in broker numbers. That is a massive shift for any industry to cope with," he said.
Sinclair believes there are signs of rejuvenation in the market with brokers planning for the future and new talent entering the industry.
However, he warned the Mortgage Market Review will prove a "stern test" for the industry and he hoped the FSA will "keep the faith" with intermediaries.
Sinclair said: "I am seeing firms planning ahead now and looking at the future and how to get through the next six, nine and 12 months."
"We are also seeing new talent coming in, but I am worried we have dropped the ball in bringing in new people to the industry. In the next 12 months, we must look at how to do that type of work again."
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