Philip Ryley, head of financial services regulation at TLT Solicitors, is in a rare position on the Association of Mortgage Intermediaries (AMI) Board. Without a specific ‘constituency’ to report to or from, Ryley became a member of the AMI Board at its inception, with his expertise and knowledge of financial services law key to his appointment. Ryley is one of the co-opted members of the AMI board. “I have been a solicitor for 19 years,” he states. “I head a financial services regulation team at TLT, a very pro-active role, consulting and advising lenders, intermediaries, networks and other firms and organisations involved in the financial services sector as part of my work. As my job revolves around financial services law, I was asked to become involved with the formation of AMI.”
With Ryley conducting day-to-day business on behalf of firms and organisations involved in the financial services sector, and dealing with the Financial Services Authority (FSA) on a regular basis, he states he recognised the importance of AMI as soon as the concept was discussed and was adamant that the association must seek to help mortgage intermediaries. “I could see a growing need for intermediaries’ interests to be recognised and to have an organisation that would represent them. I was involved with others in helping to decide the best way forward. It became clear that the Association of Independent Financial Advisers (AIFA) model was one that worked and we adapted this for AMI.”
As he is independent and does not report to any constituency, unlike other Board members, the co-opted member states he is consulted ‘as and when required.’ He says: “I don’t report on any particular section of the market but am very much involved with any issues that come up.”
He further argues the issues that AMI has become involved with in the past year have been general issues across the board, ranging from fees to new regulation practices. “‘Treating Customers Fairly’ (TCF) and switching to a principles-based approach have both been issues that the membership, and AMI, has taken an interest in as well as payment protection and issues involved in equity release. By looking at these, and other areas, AMI is able to provide a sort of early warning system, and the factsheets and website also help keep brokers up to date and aware.”
Relationship with the FSA
Ryley states the success of the Board can be attributed to former AIFA director-general Paul Smee, current director-general Chris Cummings, and the past and present AMI Board and staff, in addition to the healthy and fruitful relationship the organisation has with the regulator. He explains: “The relationship we have with the FSA is very important if we want to achieve anything. We can’t just rush in. Anything we put to them must have substance and have a persuasive argument that they can realise. Before we take anything to the FSA the issue is carefully considered.”
With a strong link between the regulator and the trade body, he dismisses suggestions the FSA does not openly praise or recognise AMI and says: “Clive Briault and Sarah Wilson have both referred to factsheets produced by AMI and AIFA and you only have to see the number of FSA staff that attend AMI events to realise how seriously the FSA takes the trade body. As AMI represents a high percentage of the mortgage market through its members, across the market from networks and large firms right through to the smaller organisations, the FSA realises the importance of the intermediary trade body.”
He adds the impact and scale of operations AMI has been able to achieve has astounded him. “For the size of the AMI team, what it has achieved has been amazing. You could say the organisation is punching above its weight because of how much of an impact it has, and, from starting up as a few people going round offices trying to sort out what direction AMI has taken a few years ago, to its current position, is superb.”
With this in mind, Ryley argues non-members are missing out. “Only members get the factsheets and can attend AMI events. Also, people who were against the idea of AMI at the beginning and couldn’t see it impacting on the market have completely changed their opinion of us. It is nice to see that people recognise what AMI is there for and what it can achieve for brokers in the industry.
“If you want to get involved, have your views represented and contribute to the market you should definately join AMI,” he adds.
Future
As Ryley is a co-opted member of the Board, his position is one in which he is non-elected. As such he can be replaced at any time, a factor he is acutely aware of. “I am sure there are a lot of lawyers who would want to be in my position, but I would love to continue on the Board.” He adds his knowledge of the sector, from a different perspective, provides him with further advantage. He explains: “I see things from a different view and am well aware of the issues that affect the different parts of the market. I have been heavily involved in the issues of introducer arrangements and feel very strongly about TCF. I hope I have been of use on the Board.”
Concluding the impact and importance of AMI, Ryley says there is still much the Board is involved in and adds that the central philosophy of AMI and the mortgage market is: “The consumer must always be the number one priority and anything we achieve must have them in mind in whatever decisions we make to help our members.”
Grant Bather is assistant editor at Mortgage Introducer
