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The results of the survey were published ‘ warts and all ’ and may have caused a number of sharp intakes of breath around the industry
able to undertake both quantitative and qualitative research into the perceptions and lived experiences of people who work in and with the intermediary sector .
The results of the survey were published ‘ warts and all ’ and may have caused a number of sharp intakes of breath around the industry . The editorial board was clear that the publication of the report should be a marker in the sand and a launch pad to the next stage when we look to work with the industry to improve the cultures within our sector , to understand the experiences and
challenges that confront people from underrepresented groups , to ensure everyone has a voice and the industry listens .
Only 43 % of all respondents to the survey agreed that the mortgage industry currently attracts a workforce that represents the diversity of the whole community , and women , people from the LGBTQ + community and people from ethnic minority backgrounds were less inclined to agree . Only 38 % of respondents felt that diversity and inclusion are taken very seriously across the mortgage industry . However , with 66 to 77 % of respondents currently feeling like they belong in the mortgage industry and 82 % of all respondents believing that it is important to improve diversity , inclusion and equality in the mortgage sector , we know that there is a will to make a difference in our industry .
Changing culture takes time , and it is important that the commitment to make change comes from the industry leaders and firm principals who can take responsibility for changing structures and ensuring equity of opportunity for all .
DRIVE CHANGE
The AMI Viewpoint research , which is available to all through the AMI website , has highlighted areas that should be considered and changes that can be made by firms , as well as small steps that we can all take as individuals . Most of the suggestions included in the report have come from the people working in our industry already , who understand our industry and are keen to drive change . We know that many firms have taken this report and are using it to aid internal discussions and to look at what they can do to make a positive change . The number of conversations we have had with people who want to be involved in industry initiatives to drive inclusive cultures as well as those who were surprised by our report and have since spoken to staff and recognised that there are issues that need to be faced into , is heartening .
As an organisation , we too have looked at what we can do to drive change in the industry . We are also taking an internal look at our processes and structures to highlight changes we can make to ensure that we , as the trade body for mortgage intermediary firms , are truly representative of our member firms .
The research has highlighted two streams of work for AMI to undertake . We will be looking to work with our member firms to provide support and information to assist in the understanding and promotion of inclusion within their businesses . We will also work with IMLA , lenders and others across the industry to raise awareness , set standards and drive positive change . More information to follow early next year .
The FCA , PRA and the Bank of England published a discussion paper on diversity and inclusion in the financial sector earlier in the year . They want to see firms achieving greater representation at all levels , and in particular at Board and senior management , and are considering ways to encourage firms to achieve this . Suggested options include regular data reporting , Board and senior manager accountability , guidance on ‘ non-financial misconduct ’ expressly linking to diversity and inclusion issues , and consideration of diversity and inclusion in the assessment of SMF applications and Threshold conditions . The paper suggests that the regulators will be looking largely to the big firms to make the difference with recognition that proportionality will be key in any mandated requirements . However , these changes will affect all and rightly so in my opinion . An inclusive firm or sector is about everyone and needs everyone to work together to achieve it .
2022 is shaping up to be a busy year at the Association of Mortgage Intermediaries , with a full agenda including the new consumer duty , the green agenda and potential EPC targets , the opportunity to reshape the Financial Compensation Scheme for the years to come , potential changes to the Appointed Representative Regime and the usual battle to keep fees low and regulation proportionate . Rest assured that the drive for better inclusion in the industry will remain a priority for AMI and our Board with the hope and expectation that when we look to repeat our Viewpoint research in two years ’ time , the results will speak for themselves .
As the trade body for mortgage intermediaries , our core aim for 2022 and beyond is to make sure your voice is heard . Our lobbying will be critical to protect your futures . Membership of AMI has to be an essential . Please look at joining for 2022 if you are not already subscribed .
Further details and the full Viewpoint report are available at www . a-m-i . org . uk