From 31st October this year, mortgages will become regulated by the FSA. This new regulation brings with it a raft of changes that mean current practices which mortgage firms engage in will no longer be allowed: targeted marketing (or cold calling) is just one of them.
Chris Cummings, AMI’s Director, comments: "There has been much said about the "cold calling" ban. Most of it has focused on what mortgage intermediaries cannot do. AMI always looks for ways in which members can carry on their business within the rules and so we decided to produce a guide letting members know what they CAN do."
The Guide has been produced following discussions with the FSA, a thorough review of the Final Rules and the latest guidance from the regulator. It is based on a fact sheet issued to AMI members late in 2003.
Cummings continues: "Our work as the only independent, non-commercial trade body, for mortgage intermediaries focuses on keeping our members in business. We tackle both regulation and market issues which are of concern. Since starting the trade body in 2003, we have established ourselves as the people the regulator listens to — and the trade body that gets things done. Further guides will follow."
The Guide is available to AMI members at our website www.a-m-i.org.uk
