AFB & AMI celebrate Directive success

The Directive passed its second reading in the European Parliament on 16 January, and contained provisions that would have prohibited consumers from paying intermediaries with a combination of fees and commission.

However the associations claim their submissions have convinced MEPs to change the Directive so consumers will continue to have a choice of payment methods.

Richard Farr, director of AMI, said: "This was an ideal opportunity for our two trade bodies to work in conjunction for the benefit of the broker and mortgage industry. We are grateful to the AFB for identifying the issue and our collected efforts to draft the amendment delivered a positive outcome for mortgage intermediaries and finance brokers alike."