Chris Cummings, Director, AMI said:
"Feedback from members has been that the FSA's Final Mortgage Rules, at 337 pages, is an imposing read. For many intermediaries, this is their first experience of handling "FSA-speak", and it can be daunting. Our role, as the sole trade body for mortgage intermediaries, is to provide clear, plain English help and support."
AMI's "Guide Around the Mortgage Rules", which is free to its members, re-writes the Mortgage Conduct of Business Rules (MCOB) from the mortgage intermediary perspective. MCOB sets out the mortgage rules for lenders and administrators as well as intermediaries. The AMI Guide focuses purely on the important intermediary sections.
The Guide has been prepared as a simple way into MCOB - not as a replacement to reading it. However, at 15 pages long, it is hoped that intermediaries will find it useful - and a slimmer read than the 337 pages, and 13 chapters, of MCOB.
The Guide contains: a break down of each section of MCOB, highlighted areas dealing with key intermediary responsibilities, and also notes on interpretation. This can be downloaded from the Publications section of the AMI website at www.a-m-i.org.uk.
Further Guides on Lifetime Mortgages and the General Insurance (Insurance Conduct of Business) Rules are planned.
