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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.


FSA soothes self-cert fears

The FSA has attempted to calm concerns about the future of self-certification mortgages. Speaking at Tuesday&#39s Mortgage Business Expo, Sarah Wilson, head of high street firms at the FSA, stated that there were still no plans to make any regulatory changes.

Prices in London rise 1.3%

Prime Central London property prices have risen by 1.3% over the third quarter of 2003, a survey by FPDSavills Research reveals. The research indicates the mini-recession in Prime Central London residential values has halted due to improved sentiment and pent-up demand. But, despite the pick-up, the survey shows year on year growth is still running […]

A&L increases basic variable rate to 5.79%

Alliance & Leicester has increased its basic variable mortgage rate by 0.25% to 5.79%. The rate will take effect from November 24 2003 for new borrowers and December 2 2003 for existing borrowers. A&L&#39s tracker products are also subject to change, with new borrower products increasing by 0.25% from November 10 2003 and existing borrower […]

Industry row over The Mortgage Partnership name

The director of northern-based packager The Mortgage Partnership has expressed his outrage over Park Row Independent Mortgages&#39 decision to name its network The Mortgage Partners &#45 stating it will cause unnecessary market confusion. John Mawdsley, director of The Mortgage Partnership, which began trading in 1997, is concerned the name clash will result in industry confusion, […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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