The move has the full backing of the AMI board and AIFA council, and the AMI board will transfer directly across to the newly independent organisation.
The Association of Finance Brokers will also split from AIFA and be supported within AMI. AIFA will concentrate solely on its role supporting investment advisers.
Sinclair (pictured) said: “This is the time to make a change to ensure we can deliver continued focused representation for our members.
“We have done the preparation work and we know we can deliver a financially stable and robust trade association for mortgage intermediaries, which is able to dedicate its time to making sure this part of the industry is ready for the changes which the Mortgage Market Review and the European Mortgage Directive will bring.
“This change has the full backing of the AMI Board and the AIFA Council and we are looking forward to an exciting future. We would like to thank AIFA for their help over the years in enabling AMI to develop to this stage of maturity and we wish our colleagues there well.”
In order to provide continuity, Lord Deben will remain AMI’s chairman, while Sinclair will be director of the trade body.
The two deputy chairmen, Pat Bunton from London & Country and Stephen Smith from Legal & General, will also carry on their roles. AMI’s constitution and policy work will also transfer.
Lord Deben said: “I am very pleased to continue as chairman of AMI. The current conditions of the mortgage market make a strong independent voice essential. I am pleased that the mortgage industry has stepped up to the mark to provide this.”
