Packagers are in talks about launching a new trade body that aims to increase the sector’s influence in the development of the FSA’s emerging regulatory regime.
National Association of Mortgage Brokers and Advisers’ (NAMBA) representative Julian Jennings is facilitating talks over the creation of the UK Association of Mortgage Packagers (UKAMP).
One of the main points under discussion will be whether, if it goes ahead, the new group will exist under the NAMBA umbrella or form an autonomous organisation. Issues surrounding the Treasury’s decision to regulate mortgage advice are also expected to be on the agenda.
Jennings said: ‘We have a meeting scheduled this week to see what happens with the initiative and afterwards we will know exactly where we are going. We don’t know at this stage whether people want it or whether it should be a part of NAMBA.’ Jennings added that if the group is established, he will not be heading it and will only facilitate meetings.
The nearest thing to a packager trade body at the moment is the Professional Mortgage Packagers Association (PMPA), although it has a limited membership, based on invitation.
Victor Jannels, spokesman for PMPA, said: ‘PMPA is not a trade association, nor are we becoming one. We are a group of like-minded packagers that have come together. We look to provide a professional service but we have not set ourselves up to be seen as a professional body or trade association.’
However, Jannels added that PMPA would continue to act as a voice for the sector, despite the possible launch of UKAMP. ‘We are looking to have conversations on a regular basis with the regulators,’ he said.