View more on these topics

MCCB welcomes FSA decision on &#39good&#39 firms

The Mortgage Code Compliance Board says it welcomes the FSA&#39s confirmation that registered firms in &#39good standing&#39 with the board will enjoy a smoother journey through FSA regulation.

The move follows a comprehensive review by the FSA of the MCCB&#39s registration criteria, compliance monitoring arrangements; and actions to deal with breaches when they occur.

However the FSA warns that to benefit for due credit, firms must maintain their MCCB registration right up until Mortgage Day and that those whom resign their registration will be subject to additional scrutiny.

In a letter from Sarah Wilson, director of high street firms division at the FSA, to Luke March, chief executive of the MCCB, the MCCB was told that firms registered by it were considered to present a lower risk to the FSA&#39s statutory objectives.

In anticipation of higher quality applications from such firms, she said the FSA would expect to devote fewer resources on average to such firms within the authorisation process.

March says: “The FSA&#39s confirmation is a clear endorsement of the strengths of the Mortgage Code, the MCCB registration rules and the application of our processes and standards for registration, monitoring and enforcement.

“The great majority of firms in the industry have worked hard in partnership with us to raise standards over the last four years.

“The others have long since been forced out by the increasingly onerous standards the MCCB requires and by the vigour of its fitness and propriety processes and compliance monitoring.

“I am pleased that the hard work of so many firms is being recognised and rewarded in the FSA authorisation process.

“The MCCB will ensure there is a truly seamless transition to the FSA on Mortgage Day and will announce details of its 2004 registration renewal process in January.

“A full renewal will allow all firms in good standing to receive due credit towards FSA authorisation. This smooth transition has always been the goal of the Treasury, FSA and ourselves, with the full support of the industry.”

Recommended

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.

Pink costs based on risk

Pink Home Loans has revealed the initial price structure for its appointed representative proposition. At the first of 10 regulation roadshows earlier this month Pink revealed that, for its appointed representatives the pricing structure will be based on customers&#39 risk ratings. Pink will be in a position to announce final pricing details over the next […]

Bond 2 Let to be relaunched at Mortgage Expo

Bond 2 Let, Opus Mortgages&#39 buy-to-let protection product for landlords and investors, is set to be formally relaunched this week in London at Mortgage Expo. A rental protection product designed by Opus Mortgages and backed by major lending companies, Bond 2 Let means that when an investor takes out a buy-to-let mortgage they can now […]

Trigold shrugs Off poor results

Ifonline Group, owner of mortgage sourcing system Trigold, has rebuffed industry criticism of the low profits and continued losses revealed in its 2002 results. The company made just £685,000 over the year against a loss of £5m. Auditor Moore Stephens reveals that the company was reliant on “additional funds” provided by principal shareholders to bring […]

Guide cover resized

Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.

Newsletter

News and expert analysis straight to your inbox

Sign up