AToM, Brightstar, Complete FS and Solent Mortgage Solutions formed the alliance with the intention of raising standards in the industry by focusing on quality, ethical principles and mutual support.
Robert Sinclair, chief executive of AMI, welcomed the alliance’s launch and the increased focus on standards.
He said: “AMI is very supportive of firms who want to raise standards by combining to focus on quality, ethical principles and supporting each other to develop good business practice. This has to be good for the consumer and for their intermediary and lender partners.”
Alan Cleary, managing director of Precise Mortgages also welcomed the formation of EQUIS.
Cleary said: “I congratulate the founding members of EQUIS for leading the way in setting quality standards. Precise Mortgages also prides itself on being a leader in setting quality standards and integrity in all the lending markets it operates in so there is great synergy here.”
Initially EQUIS will operate with just the four members but Vic Jannels, executive chairman of AToM, would not rule out the potential for expansion and said it could happen in the future.
He also confirmed that the alliance will not engage in pricing and profitability discussions.
He said: “EQUIS will not be engaging in pricing and profitability discussions. This is not about the commission aspect but about looking for best practice.”
EQUIS will now be working in close collaboration with the intermediary industry and existing trade associations to improve practices but will refrain from lobbying on behalf of its members.
