Led by Richard Farr, director of AMI, the working party will involve key members of the industry, including Patrick Bunton of London and Country and Kay Leslie of Pink Home Loans.
The initiative follows the latest report from the Financial Services Association (FSA) in the run up to the next TCF deadline of 31 March – which requires firms to have relevant Management Information (MI) in place.
Richard Farr, director of AMI, said: “The working party will provide a forum to discuss the key TCF issues facing members. We will be working very closely with the FSA over the coming months up to the 31 March deadline and beyond. We aim to discuss and agree the MI requirements for small and large firms alike, to clarify the requirements for intermediaries.
“AMI feels strongly that the FSA’s TCF proposals are currently too ambiguous. We must learn from previous deadlines and ensure we provide all of the necessary guidance for smaller firms. The FSA and trade bodies must ensure that small firms have every chance of achieving the TCF deadline.
“While many firms collect and review MI it is not always evident how they put it into practice. Firms must be able to demonstrate they are using this information, and the FSA has said that it will take action against firms that do not comply.
“The FSA’s latest document is simply a restatement of previously collated reports, and provides a very bad image of the sector. The outcomes are listed as a catalogue of failures, not only for the industry but also for those who have been regulating it. If TCF and the millions of pounds it incurs are to achieve anything this must be addressed.”
AMI will also be chairing a number of seminars in Theatre 2 at Expo. The sessions are:
- Property Development Finance
- The FSA’s forward agenda for mortgages
- Helping first time buyers on to the housing market
- Developing the role and responsibilities of packagers
- Economics in the housing market
- TCF
