Vic Jannels has been involved in the mortgage industry for 33 years, working in building societies, banks, life assurance offices and as an IFA for 20 years. Jannels is now not only managing director of AToM but is a founding director of packager association, the PMPA, and it is the the packaging community he represents on the AMI board.
Jannels points to the transition from a voluntary to a statutory regulator as the biggest change the industry has faced. But with AMI taking an active role in the marketplace in the run-up to regulation Jannels is certain the trade body eased the difficult transition. “Once AMI came into being there was very soon a noticeable shift in emphasis in the whole mortgage arena,” he says. “At last there was an organisation that understood and, more importantly, cared about where the market was going and was determined to ensure it was represented every step of the way,” he says.
Packager focus
Since the very first announcement that statutory regulation was to take place, many have been forecasting the demise of the packager – a prediction Jannels is happy not to have come true. He says: “A few years ago everyone was talking about the fall of the packager but packagers on the whole have managed to remain strong and serve a valuable role in the market. It is true there may be less packagers than there were a few years ago but it is not all doom and gloom. Instead what we are seeing is a period of consolidation and growth.”
Elected to the board as a co-opted director in 2004 following discussions with AMI director-general Chris Cummings, Jannels represents the packaging community and has helped successfully campaign on the issue of client funds for packagers.
However, despite an obvious packager focus he argues the role of Board members is to put the views and interests of the whole mortgage community forward when involved with Board meetings, rather than focusing exclusively on their constituents.
He says: “In my short time on the board I have witnessed the advent and reality of ‘Treating Customers Fairly’ (TCF), talked through and debated the obvious benefits of stakes in the ground, and considered the consequences of mystery shopping and ARROW visits. All of these, following detailed and sometimes harrowing consideration, have then been advised to the membership in one form or another ensuring they are fully abreast of what is happening around them and what is to come.”
Benefits and frustrations
Jannels is certain the work of AMI is appreciated, with over 17,000 fully paid-up members testament to the organisation’s reach and influence. However he shares fellow Board member Rob Clifford’s frustrations that non-members reap the benefits of any changes as a result of AMI’s work. “AMI has a very good rapport with the regulator and has pushed certain issues that members and our own Board have been passionate about, from fees to client funds,” he says. “There are still some people and firms not signed up and of course I would like to see 100 per cent of the industry members of AMI but some of the larger firms don’t seem to want to join, which is up to them. However, even though they are not members they are still seeing the benefits of AMI’s work.”
Jannels further dismisses the idea that large firms see AMI as the last resort, with some firms often utilising their manpower to overcome any areas of concern. “Although large firms have their own resources they do not have the relationship with the FSA that AMI has,” he argues. He also suggests non-members do not get the benefit of AMI factsheets and the opportunity to see their views discussed and acted upon by the trade body.
With all of the Board members active in the market, Jannels is certain non-members are missing out and believes that, through the Board, the industry is superbly represented. “The Board members are a diverse group, all holding substantial degrees of responsibilities within their own businesses and debating the real interests of the sector they were appointed to represent. This can be interesting at times and the diversity of the Board is probably the reason for its strength. It ensures that all views can be expressed before any consensus of opinion is reached. The winner is always the member and there can be no better benefit for membership than that. If there was an initial apathy towards AMI it most certainly has now been replaced by unguarded admiration at the fantastic job it has already done and continues to perform.”
The future
Jannels has mixed feelings about the future and expects a busy time for the market and the Board, with technological issues and the controversial Home Information Packs (HIPs) set to dominate the year’s proceedings.
“There are occasions where new initiatives provide both advances and threats and the oncoming implementation of HIPs is one that is likely to divide the market,” he argues. “I am not certain this has really been properly thought through or that enough attention has been given to the impact on all parties, most of all, the consumer. My concern is that the consumer must have freedom of choice and not be railroaded into dealing with all aspects of their mortgage transaction under one roof. I fail to see how this would suit the requirements of TCF.”
Jannels also admits he expects his particular constituents to have a busy 2006, and is adamant the FSA will take closer look at packagers in the future. He says: “The packaging sector is definitely not going away and it’s important they are represented especially as, at some point in the future, the FSA will turn their attention to this sector, which currently doesn’t come formally under the spotlight of regulation.”
Grant Bather is a news reporter at Mortgage Introducer
Vic Jannels is managing director of All Types of Mortgages (AToM) and founding director of the Professional Mortgage Packagers Association (PMPA)
