Speaking to the audience, he said that he was cautious about the new service and interested to see what would happen to the consumer panel once it got its first complaint. He said: “It [Which?] is very un-nervous and brave because it’s promoting something good for consumers. However, at the same time it is also a commercial move.”
He added that if a complaint is made to the Financial Ombudsman Service (FOS) this could make the consumer champion think again. However, Sinclair said Which? is welcome to join AMI if it wishes to do so in the future.
Earlier this week, Which? announced that it was launching an advisory service which it said was the result of feedback from members suggesting many were unsure where to find an impartial and trusted source of mortgage advice.
Sinclair also told delegates that AMI supports the Council of Mortgage Lenders in its fight against the Mortgage Market Review, adding if it backed down, there would be “no business for intermediaries.”
He also told delegates that AMI expects a European directive on the mortgage market to be released next year, which will “supersede any action from the FSA.”
