McFall told the audience that it was only because of the fight by Director General Chris Cummings and AMI Chairman John Gummer that the FSA changed its mind, reduced its fees for intermediaries and saved members £11.7 million.
In response AMI Chairman Rt Hon. John Gummer MP, said: "These are difficult times for the mortgage market, and we know members are suffering the business down-turn. We will do all in our power to help support our members through these difficult times.
"A recent example of that was in persuading FSA to lower the regulatory fees. After a determined campaign, I am delighted that we managed to convince FSA to cut their fees substantially and we have saved our members £11.7 million in FSA fees alone this year. I would like to congratulate FSA for changing its mind on this issue.
"Now is the time for all in the industry to come together and agree a way forward. We have a golden opportunity to address the root cause of the current difficulties. We must work together as one industry to make it work: intermediaries, lenders, and the regulator must do what's right. That is to put the customer first.
"We want to work with all parties over the coming months to develop solutions that provide consumers, brokers and lenders with a market that works equally well for them all. We must always be mindful of the role of the customer. Consumers need good independent advice today more than ever and we must concentrate on providing that advice - rather than seeking to lay blame at the doors of others."
