Robert Sinclair, director of the Association of Mortgage Intermediaries (AMI), said the trade body wants to broaden its brief to get the UK broker’s voice heard in Europe, better protect its membership and raise the profile of mortgage advice.
“Being heard is less important than being effective,” said Sinclair. “We have to move in wider circles and that’s a resource issue. Part of this review is about how to raise more income.”
AMI will adopt a more influential position in a restructured association, said parent-body, AIFA.
“[It] will participate fully in the programme to build a better trade body, with greater capability and more research to influence policy and regulation,” it added.
“We are looking at the structural options,” said Stephen Gay (pictured), director general of the Association of Independent Financial Advisers (AIFA), “and what the membership’s appetite is to funding an appropriately resourced trade body. It’s chicken and egg as we can offer more value with more funding.”
Higher membership fees are “still something to explore” said Gay, adding other revenue sources include existing, new and associate members, but wouldn’t confirm higher membership fees were on the way for individual firms.
He added commercial revenue, including subscriber dinners, like the annual AMI dinner supplied 10% of the organisation’s income and said encouraging members to join multiple trade bodies would also boost revenue.
The strategic review led by the AIFA and AMI executive teams, began in December and aims to complete in 18 months. Its goals include an AIFA rebrand, a rewrite of the member rule book and the election of some AMI Board members to the AIFA Board.
