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29 June 2016

Robert Sinclair, CEO of advisory trade body, the Association of Mortgage Intermediaries (AMI) has today told advisers that the lack of political leadership following the EU referendum vote last week was clearly exacerbating the problems that currently exist.

Speaking at Financial Services Expo (FSE) Cardiff, the premier exhibition for the financial services industry in Wales & the West, Sinclair said: “I hope our political leaders take better control of the situation than they have already. A political vacuum, like we have at the moment, creates greater problems.”

He went on to suggest that the fact Wales has its own Assembly, and Scotland its own Government, might help mitigate against some of the problems given they have control in specific areas, notably housing.

He also said that for the mortgage market there has essentially been little change and that the wider economy and political situation wouldn’t change significantly until Article 50 had been invoked by the Government

He said: “These are the strangest times of any of our lives. However, our world is really in the same space it was two weeks ago. Housebuilders, despite their share prices taking a battering, still want to build; the big lenders still want to lend money. In our world that will not change although we may see consumer confidence change and it’s up to us, as advisers, to deal with consumers and reassure them.”

Given the short space of time since the UK voted to leave the EU, Sinclair also said it was difficult to provide a clear view on how the economy might be impacted, and the direction the mortgage and housing markets would eventually take. He also said that until the Government, and the next Prime Minister could outline the strategy for leaving the EU, there was little that advisers could do.

“At the moment we have no new data, and (in terms of leaving the EU) no plan,” he said. “I don’t think it will get as bad as people think it will though. Also, from my perspective not having to deal with unelected bureaucrats within the European Commission who are not responsible to anyone, is helpful.”

FSE Cardiff is taking place for the first time today at the SSE Swalec Stadium at Sofia Gardens in the Welsh Capital.