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Anger as MCCB brands IFAs &#39non-compliant&#39

The Mortgage Code Compliance Board has come under fire from irate IFAs demanding to know why they are accused of being non-compliant when they are following the board’ guidelines.
IFAs claim they have been branded non-compliant following compliance visits by consultants PriceWaterhouseCoopers acting on behalf of the MCCB.
The allegation come despite advisers following the good practice guidelines set out by the MCCB.
IFAs are calling for the MCCB to work with the FSA to ensure clear guidelines are issued. They say there should be guidelines set out which, if they are followed strictly, should mean IFAs are compliant.
Mortgage Brain managing director of sales Mike Green says: “The MCCB should lay down exactly what it wants to see and IFAs who follow it should then be squeaky clean. But trying to get anything out of the MCCB is like trying to nail jelly to a wall.”
IFA Financial Focus practice principal Robin Melley says: “The MCCB needs to talk to the FSA to agree where boundaries lie. IFAs and lenders need to be told clear guidelines and what they need to do to comply.
MCCB chief executive Luke March says: “If IFAs are following the rules and guidelines and any further clarification which is set out in our good practice notes in our monthly newsletter, I would be surprised if there were differences of opinion.
“But there will always be grey areas and issues of interpretation. You cannot regulate for every experience or incident, this only comes with experience. We are in regular discussions with the FSA.”


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