Farr steps down in AMI reshuffle

Richard Farr is to step down as director of the Association of Mortgage Intermediaries (AMI) as part of a restructure.

AMI says the restructure will take account of current market conditions and will reflect the issues faced by AMI members.

Director General Chris Cummings will take over day-to-day management after Farr steps down at the end of July.

Cummings will be supported by a five-strong policy team, including Andrew Strange, who was recently appointed as policy director, and who will take over the responsibilities of Fay Goddard.

“Part of our recent internal review was a look at our cost base. Like many others in the mortgage industry, we need to reduce costs and ensure resources are focused on the areas that will have most impact for our members,” explains Cummings.

“As part of our restructuring, AMI Director Richard Farr will leave at the end of July. Richard has brought a wealth of experience and professionalism to the association, and we are very sad to see him leave.”

AMI will continue to lobby the Government and the FSA to promote the business of mortgage intermediaries, and will also begin a consumer campaign to promote the value of mortgage advice. Cummings also promised to speak more loudly on the issue of dual-pricing, which has recently soured relations between brokers and lenders.

“As I announced last week at our annual dinner, AMI will soon be launching a consumer focused campaign,” Cummings says.

“This will help our members by raising awareness of their services and demonstrating the tangible benefits of using a mortgage intermediary.”

“This initiative follows on from the positive reaction we received to our Value of Mortgage Advice research, and our Fixing the Crunch White Paper – the first paper from the industry suggesting solutions to the current market difficulties, rather than pointing out problems. We will continue to address the key regulatory and political issues and speak out more loudly on key market concerns such as the debate surrounding dual pricing.”

Farr joined AMI in the new role of director in August 2007, no other staff have been affected.

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