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&#39MCCB not checking broker exam passes&#39

The Mortgage Code Compliance Board is not taking any steps to check

if the majority of brokers met their December 31 exam deadline,

according to Future Mortgages.

Future&#39s survey of 500 intermediaries this month found that 70 per

cent had not been checked by the MCCB to confirm whether they had

their Maq or Cemap exam certificates.

Only 23 per cent had been checked and 7 per cent were unsure about

what steps the MCCB had taken.

Future also gauged broker opinions about building societies setting

up distinct intermediary brands, such as Yorkshire, which set up its

Accord brand this month. The survey found that views are divided,

with 42 per cent saying it is a good idea, 45 per cent disagreeing

and 13 per cent unsure.

Future says this split echoes the attitude of lenders about this

strategy, with many choosing to stick to their core brand as stigmas

about the sub-prime market fade.

Future asked whether the move by IFA Hargreaves Lansdown to pay back

part of its procuration fee to clients who go execution-only will

lead to a price war among brokers.

Seventy-nine per cent of brokers do not think that a price war will

break, 14 per cent say it will and 7 per cent are unsure.

Communications manager Richard Hurst says: “The result from the exam

question dem-onstrates the significant task that the MCCB has in

verifying individual intermed-iaries. With 51,000 qualifications

claiming to have passed, it is difficult to imagine that this process

will not take some months to complete. It is also confusing that 7

per cent are unsure whether they have been checked or not.”

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