Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

AMI Chair Reaffirms Commitment to Mortgage Advice Amid FCA Changes

The Association of Mortgage Intermediaries (AMI) will continue to ensure that advice remains central to the mortgage industry, according to chair Andrew Montlake. Speaking at the AMI Annual Dinner, Montlake stated that the organisation would “continue to fight fiercely for advice remaining front and centre.”

Montlake addressed recent changes by the Financial Conduct Authority (FCA), including the removal of the advice trigger process and the encouragement of direct mortgage sales. He warned that more execution-only sales through online systems could lead to negative consumer outcomes, increased confusion, and less protection for customers.

Montlake emphasised that advisers play a key role in promoting growth and solving issues for clients, often finding solutions where clients may not expect them. He noted that advised journeys can still be efficient, with technology used to enhance rather than replace advice, leading to better outcomes and fewer failed transactions.

He also commended Paradigm Mortgage Services for its paper calling for mandatory mortgage advice for first-time buyers, describing the topic as worthy of serious discussion. Montlake expressed concern that encouraging more people to buy homes without advice could prioritise convenience over common sense.

Montlake highlighted the ongoing relationship between AMI and the FCA, thanking the regulator for its engagement and decisions. He also spoke about the pressures faced by mortgage advisers and business development managers, noting that many firms saw business double in March due to advisers’ proactive support.

Montlake urged advisers to recognise and promote the value they bring to clients, describing them as problem-solvers and protectors within the mortgage market. He also encouraged engagement with the Mortgage Industry Mental Health Charter (MIMHC), stressing the importance of supporting sector professionals during stressful periods.

These developments are relevant to UK letting agents and inventory clerks, as changes in mortgage advice and regulation can impact the wider property market and client experiences.