With TCF firmly on the Financial Services Authority’s (FSA) agenda, AMI’s working party has been designed to tackle the uncertainties surrounding the initiative in the market. AMI also recently called for a recalculation of the FSA’s practices, calling its TCF drive ‘too ambiguous.’
The party will be headed by Richard Farr, director at AMI, with Patrick Bunton, operations and compliance director at London & Country, and Kay Leslie, network services director at Pink Home Loans, also members of the working party.
Commenting on the announcement, Farr said: “The working party will provide a forum to discuss the key TCF issues facing members. We aim to discuss and agree the management information requirements for small and large firms alike, to clarify the requirements for intermediaries.”
On the recent report by the FSA, Farr added: “The FSA’s latest document is simply a restatement of previously collated reports and provides a very bad image of the sector.”
James Cotton, mortgage specialist at London & Country, welcomed the working party. He explained: “I think it is a good idea to give mortgage intermediaries a helping hand with the TCF initiative.
“It is tough for firms to translate principles-based and more general guidelines into management information, so it is useful for brokers to have a form of guidance and help to understand where their businesses sit with regards to TCF.”
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