The threats to the lending industry and our businesses have not gone away, but in the last few years we have moved on from simply surviving and are now looking at how to grow.
At the same time we need to address low levels of consumer confidence, mortgage transactions and lending figures, and what to do about regulation which will impose new rules aimed at making a safer – and better – financial services industry.
IMLA’s strength is the quality of its people and its belief that a consumer who takes mortgage advice will be better served than one who does not, or who is simply sold to.
IMLA represents the interests of this market in a credible and dignified manner and this means that more often than not we get a hearing.
In fact, those in positions of authority seek out IMLA’s views on areas of difficulty in order to help deliver the best outcome for consumers, advisers and lenders.
Unsurprisingly a recent focus for IMLA has been the Mortgage Market Review and the European Mortgage Directive, where we have lobbied Westminster and Brussels and had numerous meetings with the FSA; we believe that the final changes to regulation here will represent a better outcome for consumers, lenders and intermediaries as a result.
Nevertheless a good deal remains to be done. We’re now at a crucial juncture; there are still challenges for us to tackle that will have an effect on the whole market.
Things like the individual registration of mortgage advisers, the development of safe and better products for non-standard borrowers – such as first-time buyers – and also how to provide more innovative products which help more people to buy quality properties – both to live in and to rent out to the private rental sector.
The next 12 months are likely to be as challenging as the last.
John Heron is chairman of IMLA
