The AFB will become part of the Association of Independent Financial Advisers’ (AIFA) ‘intermediary family’ and will be a sister trade body to the Association of Mortgage Intermediaries (AMI). The announcement comes two months after AMI’s and the Corporation of Finance Brokers’ (CFB), publication of their plans to form a strategic alliance.
Chris Cummings, director general of AFB, said: “We are delighted to welcome secured loan brokers to the AIFA and AMI family. As members of AFB, brokers will benefit from a higher profile and greater opportunities to influence the future of second charge lending that their association with AIFA and AMI, will bring. We will lobby politicians, regulators and policy makers in the UK and Europe on AFB members’ behalf, and we will seek to improve the business climate in which brokers operate and help secure proportionate regulation.
“Members of AFB will also benefit from the AMI infrastructure which includes: dedicated policy experts, help desk support, regular industry updates and networking opportunities with the regulators.
“From a survey of AMI members carried out earlier this year, we know that around 44% of mortgage intermediaries already offer secured loan advice. This figure is predicted to grow to over 60 per cent in 2007. Around two thirds of AMI members also said that they would look to AMI for assistance in understanding the regulation of the secured loan market.
“It is only natural then that AMI should extend its service to members by lobbying for their interests in the secured loan market. By launching the AFB, we can help existing AMI members as well as providing regulatory and trade body support for secured loan advisers.”
