N4 registration plans may be scrapped

The MCCB may be forced to scrap plans for streamlined broker registration in the run-up to N4, despite the possibility of some 5,000 qualifying as advisers after sitting exams in December.

Some 3,394 passed CeMAP in the month leading to the December 31 qualification deadline. Results for another 3,480 advisers who sat MAQ exams are still being calculated, but based on average pass rates they should add some 1,600 to the qualified.

The MCCB proposes a single registration period to take qualified brokers from May 2003 to October 2004, the agreed date for regulation.

It says a single registration renewal process, with fees calculated on a pro-rata basis, “presents the most convenient option in the transition to statutory regulation”.

But the EU&#39s failure to sign off its insurance mediation directive means there are still fears the FSA will not be ready to take up the regulatory reins by October 2004.

Brad Baker, spokesman for the MCCB, says: “N4 is not cast in stone. If it were we would almost certainly do one registration period.

“The directive has been adopted, but not published as far as we know. That means the timetable for general insurance regulation and mortgages could slip.”