AMI allays brokers' fears on FSA demands

The Association of Mortgage Intermediaries (AMI) has assured its members that the FSA does not expect them to recommend direct products, following confirmation from the regulator.

In a note to members, the trade body said that during the current market turbulence, it had been in lengthy discussions with lenders, lender trade bodies, and regulators.

Chris Cummings, director general of AMI, commented: "Much of our work has necessarily been behind the scenes, but members will know it is better for their trade body to be effective than simply to be loud."

Other points in the note to members include the assertion that the dual pricing war may be at an end, with AMI claiming the differential between branch and intermediary products has narrowed considerably.