The Mortgage Code Compliance Board has revealed the results for its final registration renewal period.
Figures released by the Board show that 9,961 intermediary firms, who are responsible for 36,924 sales staff, have renewed their MCCB registrations for the final period of non-statutory regulation leading up to Mortgage Day on October 31 2004.
In addition 549 new firms had applied to join the register, making a total of 10,510 firms – responsible for 37,949 sales staff – registered at May 31 2004. At the same stage in the process last year, a total of 11,300 intermediary firms, responsible for 35,000 sales staff, were on the register.
The MCCB says it does not believe the slight fall in the number of firms registered to be significant and attributes it to changes in the business model of a large registered network firm, which no longer requires its member firms to seek separate MCCB registration.
The number of sales staff for whom registered firms are responsible has actually increased from this time last year, with the increase especially noticeable in the larger firm category, firms employing 100 or more sales people.
Additionally, MCCB reports that 153 lenders had renewed their registrations by May 31 2004.
From its past experience MCCB expects the total number of firms registered to fall at registration renewal, but the numbers registered to build up again over the year as new firms emerge and apply to join the register.
Despite the approach of Mortgage Day, each month MCCB receives some 200 requests for new application packs and expects the number of firms registered to continue to grow as usual in the transition period leading up to the implementation of statutory regulation.
Luke March, chief executive of the MCCB, says: “This is one of MCCB's busiest times of the year and the staff in Stafford have, as usual, worked extremely hard to process more than 10,000 renewal forms and payments, and to issue registration certificates over a very short period of time. Feedback from firms does suggest that the greatly simplified process has been well received.
“I would thank firms for their very prompt response to this year's renewal. This very successful outcome ensures that the non-statutory regime will be comprehensive and robust in the transition to 'Mortgage Day' with no gaps in consumer protection. The great majority of registered firms who have maintained consistent registration can also benefit from due credit in the FSA authorisation process”.