From Luke March
Following Ruth Kelly's pivotal announcement in December 2001 on the future of mortgage regulation, we have been asked by the Treasury and the industry to ensure that the Mortgage Code and our Rules remain fully effective in protecting the consumer during the transition to statutory regulation.
With that in mind, together with strong industry industry support for us to maintain the momentum to raise standards, we are committed to completing the introduction of our Fitness and Competence requirements by December 31 2002 – the deadline for compulsory professional mortgage qualifiications – and we will complete the introduction of our fitness and propriety procedures.
The publication of the FSA's Consultation Paper CP146 in August has provided a clearer picture of the shape of the new statutory regime. I am heartened that our work in protecting the consumer and raising standards has been recognised. In particular, the proposals for the “grandfathering” of advisers' qualifications and the “due credit” provision for firms in good standing towards the FSA's authorisation process, bodes well for the seamless transition to the statutory regime we are all working to achieve.
Mortgage Code Compliance Board