AMI said it welcomes the consistency of applying the AP regime to bank branch and independent advisers.
Robert Sinclair, director of AMI, said: “AMI has consistently supported a register for all those working in the mortgage sector. This is a significant step forward in protecting the public and increasing access to advice.”
He said AMI supported the FSA’s decision to push back the timetable to ensure the regulator has its automated systems available. The regulator’s guidance on the need for full disclosure was also key, it said.
“Prior issues might not preclude an adviser from being approved, but hiding issues will call into question the integrity of an individual,” said AMI.
“We are yet to be convinced that this is an appropriate level of authorisation for the mortgage profession, however, and will continue to monitor matters with the FSA,” he said.
“Consumers deserve the same level of protection when re-mortgaging as when taking out the initial mortgage, particularly when fees can be very high for this process. We hope FSA will demand the same standards for both transactions,” said AMI.
