MCCB welcomes FSA concession

The Mortgage Code Compliance Board has welcomed the FSA&#39s confirmation that its registered firms in good standing will enjoy a smoother journey through FSA authorisation.

This follows an FSA review of the MCCB&#39s registration criteria and processes, its compliance monitoring arrangements and its actions to deal with breaches when they occur.

The confirmation was announced in a letter from Sarah Wilson, director of high street firms division at the FSA, to MCCB chief executive Luke March.

The FSA says it has sufficient evidence to regard MCCB registered firms in good standing as presenting a lower risk to the FSA&#39s objectives than otherwise similar applicants. It also expects to devote fewer resources to such firms in the authorisation process.

For brokers to benefit, they must maintain their MCCB registration until Mortgage Day (October 31 2004).

MCCB will announce details of its 2004 registration renewal process in January.