View more on these topics

Lifesearch sends out Swiss Life admin call MCCB cuts firms&#39 fees ahead of regulation

The Mortgage Code Compliance Board has significantly reduced the fees that intermediaries and lenders will pay for their final period of registration before statutory regulation starts.

There will no longer be a registration fee for intermediary firms and the staff fee will be less than half of the fee payable in 2003/04.

The renewal fee for a sole trader will be £40, a firm with eight sales staff will pay £320 and firms with 12 salespeople will pay £420. An intermediary firm with 1,200 sales staff will pay £18,000.

The MCCB says the fee income generated from the final renewal exercise will enable it to operate effectively until statutory regulation starts.

New applications will be processed at lower fee levels than last year. The MCCB will accept new applications until September.

Firms will be asked to renew their membership in late February for the period of May 1 until October 31.

The FSA says firms in good standing with the MCCB will get due credit when their application for authorisation is pro-cessed. The MCCB says firms which resign their registration will be subject to additional FSA scrutiny.

MCCB chief executive Luke March says: “We are pleased that the board&#39s careful financial management has enabled us to reduce fees for lenders and intermediaries. A seamless transition to the FSA on Mortgage Day has always been the goal of the Treasury, the FSA and the MCCB, with the full support of the industry.

“As well as ensuring that the industry&#39s reputation is maintained through continuity of consumer protection arrangements, a full renewal will allow all firms in good standing to receive due credit tow-ards FSA authorisation.”

Recommended

New buyers back in house market

House prices went up by 0.3 per cent in January following a 0.2 per cent rise in December, according to Hometrack&#39s monthly survey of the market. The biggest price rises were seen in Cornwall and South Yorkshire (1.1 per cent) followed by Hereford and Worcester and the West Midlands (0.9 per cent) and North Wales […]

Portman Building Society assets grow 36 per cent

Portman Building Society has announced record results following a merger with Staffordshire Building Society last year. Total assets grew 36 per cent to £14.1bn from £10.37bn, while profit before tax increased by five per cent, to £67.4m from £64.1m. The society saw organic growth of 17 per cent, excluding the merger with the Staffordshire.

GMAC offers residential mortgages in Germany

GMAC-RFC has started its mortgage lending business in Germany. It acquired DFH Eigenheimbank GmbH, Saarbruecken and renamed it, GMAC-RFC Bank GmbH. The bank will offer residential mortgages to private customers throughout Germany. GMAC-RFC will distribute its products through intermediaries including mortgage brokers, insurance companies and other retail financial service companies. GMAC-RFC German Country Manager Matthias […]

Friends retain raising standards quality mark

Friends Provident have been re-credited under the Raising Standards quality mark by the PPIAB — an independent assessment body. PPIAB chief executive John Cox says: “The sustained commitment of Friends Provident and other accredited brands means more and more customers are enjoying the benefits of well presented documents, higher quality service and fair treatment.” Friends […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment