The Mortgage Code Compliance Board has set out its timetable for the closure of its key activities in the lead-up to M-Day.
The changes will take effect on October 31 when the FSA takes on regulating the mortgage industry. From that date, the mortgage code will no longer apply and the MCCB will end its activities.
The MCCB's helpline will close on October 31 and callers will be directed to the FSA's helpline or the Financial Ombudsman Service. The MCCB website will also close from this date although the home page will remain live for 12 months, directing users to the FSA or, in the case of a customer complaint or redress issues, to the FOS.
The MCCB also reminds firms it is unable to process any new applications for registration it receives after September 30, due to the time it takes to process applications.
MCCB chief executive Luke March says: “With Mortgage Day now fast approaching, we urge registered firms to be aware of the changes that will happen when we hand over regulation of the market to the FSA.”