Following a series of discussions the launch of the new trade body for packagers has been confirmed. A group of 25 packagers have now met and unanimously agreed to form the UK Association of Mortgage Packagers (UKAMP).
The new body intends to increase the sector’s influence within the industry and in the development of the FSA’s forthcoming regulatory regime. At the meeting a six-strong steering committee was set up with the intention to launch the association on 31 March.
UKAMP’s internal focus within the mortgage industry will be to raise standards and add a strong lobbying voice with lenders, with an external mission to get involved in consultations with Government and regulators. They have not ruled out forging alliances with other groups such as the Council of Mortgage Lenders.
Tony Yorke, spokesman for the new body said: ‘CP98 will still be largely introduced into the market but there was no mention of mortgage packagers in it. This is because regulators either do not know about the packaging community or don’t understand it. There is a need for packagers to be influencing the way regulation is formed.’
The committee members have decided that, for now, they do not want their names in the public domain. Yorke said: ‘As a trade association it has to be inclusive, and represent the industry. The goal is to get everybody on board, even those that are sceptical at the moment. It is in everybody’s interest.’