IMLA, the trade association for UK lenders involved in the intermediary mortgage market, has pledged to continue to work with the regulator to address poor practice, unfairness and inequality in the housing market.
In his address to members at the Annual IMLA Dinner John Heron, chairman of IMLA, said that a more inclusive and balanced housing market would require that the industry work in concert with policy makers and regulators to identify solutions for borrowers with more complex needs – such as first-time buyers – who are not well served in the market today.
IMLA currently represents 21 lenders active in the intermediary sector of market*. Its stated aim is to represent the interests of members in a “credible and dignified manner” by offering “a sound and well informed view on the market” to Government, the FSA, and the Bank of England.
IMLA’s successes this year include the relaunch of IMLA Research, which has been used to explain to Government what the developments are in the markets, what challenges it faces and what the future may look like. This research has been used in round-table discussions with the Home Funding Forum, the Treasury, the Bank of England and the FSA. Heron explained the importance of this dialogue in shaping well crafted policy and regulation that better served the consumer and the industry.
In finishing Heron also acknowledged the industry has to play its part in reinvigorating growth:
“There remain challenges ahead. We must play our part in reinvigorating growth, in providing solutions that help hard pressed consumers to realise their ambition of home ownership and provide a greater supply of better quality homes in the PRS for those who cannot or do not want to buy.”