AMI moves forward with packager code

The Association of Mortgage Inter­mediaries (AMI) is pushing ahead with its plans to devise a code of conduct for packagers.

Robert Sinclair, associate director of the Association of Finance Brokers, and a member of AMI's packager taskforce, said the committee would meet later this month to discuss the basic outline of the code of conduct, and hoped to have a format ready to take to the wider market by April.

He added: "The wider packager community needs something to define its smooth operations. Among lenders, brokers and packagers, who holds what responsibility?"

He said the packager taskforce would also be discussing definitions of satellite packagers, such as how many cases they generate and what standards they should implement before calling themselves satellite packagers. Research released by The Mortgage Business last week showed that over a quarter of packagers, 27%, employ five people or fewer.

Richard Hall, managing director of Best Advice, said AMI's proposed code would be of varying relevance to different packagers. In particular, he said while Best Advice was regulated to provide advice, satellite packagers who went beyond their packaging remit to offer unauthorised advice may need to review their business standards.