You are here: Home - News -

Individual registration by spring 2014 – AMI

by:
  • 13/02/2013
  • 0
Individual registration by spring 2014 – AMI
The industry hopes to implement individual registration for mortgage brokers by next spring, according to AMI chief executive Robert Sinclair.

Sinclair said the mortgage trade bodies were working together and are now targeting a launch to coincide with the implementation of the Mortgage Market Review final rules next April.

In a podcast conversation with Coreco’s Andrew Montlake and Matt Lowndes, Sinclair confirmed the timeline for the register the FSA has  requested.

“They wanted to create this register and have said that because of IT issues they can’t do that so they’ve asked the industry to come up with a solution instead.

“One of the things we’re talking about across the industry is if we can create that. That’s going to be done with the goodwill of lenders and intermediaries. There’s no point in it being an intermediary-only register, because then people could duck into a lender and come back out again and we wouldn’t know who they were.”

Sinclair went on to say that he hoped to see an invitation to tender in place by the summer of this year with a new system going live early in the 2014.

“The task for us is to come up with is an industry solution which, somebody is going to have to pay for, which will be an interesting part of the debate,” he said.

“But all the trade bodies are committed to moving forward and putting together a committee that will see if it can work this up with a target date of getting to an invitation to tender to third parties by Q3 this year with a view of getting something live early in 2014.

“So at the same time MMR gets implemented we will go through an implementation process with this type of register.”

Listen to Robert Sinclair’s comments below:

To hear the full podcast visit Coreco’s website.

There are 0 Comment(s)

You may also be interested in