Sally Laker, managing director of Mortgage Intelligence, has seen the mortgage market transformed beyond recognition in her 30 years within the industry. The addition of FSA regulation has added further pressures to the sector, and with it has brought even bigger changes and challenges to AMI and its members.
Central to the continued growth of the industry has been the role of the AMI and how it has responded to its members concerns. As part of the AMI Board, Laker realises the importance of the trade body and admits she was keen to get involved with the organisation when it was formed. “I joined AMI as part of the original board, just as the organisation was being put together. I felt it was absolutely a good idea to allow brokers to have a voice. There is a definite need for AMI, both then and today. Prior to the rigours of regulation there was a lot of issues for the trade body to clarify for its membership,” she says.
AMI board
Representing the small network category, Laker believes her knowledge in the sector can help to benefit AMI members, and when she stood for election she cited her experience within the market as part of Mortgage Intelligence as one of her strengths. With AMI Board members all having responsibilities in different pockets of the market she believes these factors enable it to be superbly represented. She says: “The AMI Board is a complete mixed bag of individuals serving different parts of the market. Everyone on the Board has a viewpoint, particularly around what is good for AMI and its members. All of the Board members bring their experience of the market to the table, which can only benefit the membership.”
Laker adds that Mortgage Intelligence’s 8,000 members give her further ways of surveying the market, its trends and people’s reactions to it. “Mortgage Intelligence has grown significantly since it was started as basically a lead generation company. Its large membership, as part of the network and club, means I can gain feedback on the market and what members think will happen.”
Market changes
With the market due to undergo significant changes over the coming months, including the introduction of Home Information Packs (HIPs) in June 2007 and advances in technology, product design and specifications, Laker says topics such as these emphasise the fast pace of the market with AMI, the FSA and brokers unable to rest on their laurels. She says: “The topics up for discussion at AMI Board meetings are varied, but are issues that are apparent across all sectors – HIPs for example. I think most company boards will have discussed the potential impact of HIPs and how it will affect them. There are lots of other issues that brokers are keen to find out about, and that is what I enjoy about the AMI Board meetings. There is always a lot on the agenda and there always seems to be new topics up for discussion and new challenges in the market.”
As a result of regulation, Laker agrees the Board has had to deal with a variety of issues and concerns from members, and says: “Regulation has meant that every single business in the sector has changed and it has been a steep learning curve for many people and firms as there has been a lot to take in.”
AMI and the FSA
With AMI representing over 17,000 members, Laker argues the FSA can ill-afford to ignore the trade body, and to its credit, she argues the regulator has realised the importance of AMI. “The size of the AMI membership proves the trade body is successful in its role and the FSA recognises the reach AMI has,” she explains. “The issues put across and its membership are extremely relevant and the information we provide, through our factsheets and meetings, have been well received.”
Exhibitions, seminars and workshops are further ways of spreading the AMI message and finding out the views of its members. “As a broker it is very difficult to have a voice, which is the strength of AMI. We provide an avenue for brokers and the industry when it feels regulation and rulings may need to be challenged or when brokers want clarification on something,” Laker says.
She adds: “The exhibitions and seminars that AMI is a part of are a great way to interact with the membership. It can be a solitary existence as a broker and it is great value to be able to meet up and share your views with other people. You may think that an issue only affects you, but at events you find other brokers have had similar experiences.”
With the AMI Board responsible for discussing and acting on member concerns to an FSA and market audience, Laker admits 2006 brings with it fresh challenges, but insists she wouldn’t want it any other way.
Grant Bather is assistant editor at Mortgage Introducer
