The 19th of January sees the official start of the FSA accepting application forms for direct authorisation, and AMI is now calling on intermediaries to act – or risk being left out of business
To help intermediaries prepare for regulation, AMI has produced a raft of support material:
- A Guide to running a mortgage regulation project: the who, what and when of preparing for regulation.
- A Guide to the Regulatory Options: the pro’s and con’s of each path through regulation.
- A factsheet detailing how to chose a compliance consultant – if extra help is needed.
- A “find a compliance consultant” service for members.
- A factsheet advising members how to select a network – if they wish to become an appointed representative
- The AMI web site will also list all those networks progressing through regulation.
- Free access to the AMI Helpline for answers to members’ regulation and compliance questions – especially focused on completing the application form.
AMI is also launching a series of regional meeting to help mortgage intermediaries make their regulatory decisions. These will run across the country through-out the year up to the start of regulation.
Chris Cummings, AMI’s Director comments: “Now that the FSA has officially opened for applications, intermediaries should take advantage of the discount period and submit their applications for direct authorisation.
Firms have until the end of March to apply but the sooner they get their applications in, the sooner they will be able to get back to focusing on business issues. AMI is here to help with this process.
“It’s important that intermediaries recognise that this year is about preparing for regulation. This is the start of AMI’s work – we will be vigilant in assessing how regulation is introduced and in lobbying for its light touch and proportionality when we have to operate under it.”
