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AMI working with FCA on mortgage broker comparison tool

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  • 12/09/2018
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AMI working with FCA on mortgage broker comparison tool
The Association of Mortgage Intermediaries (AMI) is working with the Financial Conduct Authority (FCA) to implement its adviser rating website.

 

The broker comparison tool was suggested by the regulator in the Mortgages Market Study (MMS) interim report, as one of its solutions to ensure the sector remained competitive and easy for consumers to access.

However, the proposal has been greeted with many concerns about how it will operate, who will moderate it and fears that it could mean smaller firms are obscured.

As part of the feedback process in its market study the FCA has set up a series of small working groups one of which is on broker choice and on which AMI is sitting.

Speaking at the Financial Services Expo, AMI chief executive Robert Sinclair acknowledged that concerns were being raised with the FCA and that he did not want the final result to be anti-competitive.

“There will be some people from the intermediary market, as well as others from lenders, and, for example, UK Finance, to make sure that what we come up with is balanced and not anti-competitive in anyway,” he said.

“Because there are big risks in all of these solutions that we manipulate our market to be less competitive rather than more competitive by intervening.

“One of the big challenges of competition studies is the remedies can actually become anti-competitive rather than more competitive.”

He added that the broker comparison portal had “a big question mark over how this works at the back end”.

 

 

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