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AMI welcomes FSA mortgage review
Tue, 27 Nov 2007
The Association of Mortgage Intermediaries (AMI) has welcomed the Financial Services Authority's (FSA's) review of the mortgage market .

As part of its investigation, the FSA looked at a number of areas, including self-certification, affordability and current systems and controls, the association noted.

Stephen Bland, the FSA's retail intermediary sector leader, said that the review found a number of firms offering mortgages that they knew were "unaffordable".

Responding to the findings, Richard Farr, director of the AMI, said that the body does not "condone poor practice" and so it "strongly" supports the FSA's efforts to identify such firms.

"The significant majority of intermediaries are honest hardworking individuals, however a small few serve to damage the reputation of our industry," he commented.

However, Mr Farr also drew attention to the "many areas of strengths" within the mortgage market highlighted by the FSA, stating that it remains "vital" that the regulator continues to offer guidance.

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