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MCCB called on to end multiple registrations

Broker network Home Loan Partnership is urging Mortgage Code Compliance Board chief executive Luke March to close a loophole which allows companies to have multiple registrations with the mortgage code.

HLP has written to March claiming that the current rules permit companies to avoid penalties by allowing them to trade under alternative registration numbers.

It claims the clause effectively acts as a sanction for unscrupulous brokers – who may have been caught breaking the code under a previous guise – to continue targeting unsuspecting borrowers.

But the MCCB says it has already taken steps to stamp out the practice by insisting in August that members provide a three-year employment reference when registering to the code.

HLP managing director Steve Hoare says: “There is a lot of negative publicity directed towards the mortgage industry as it is, without allowing those responsible for ripping people off to continue trading.”

An MCCB spokesman says: “We take these views very seriously. We tightened many loopholes with fitness and propriety checks for new firms earlier in the year and that will be extended to existing companies next year.”

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