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MCCB points to big rise in standards

The MCCB claims it has overseen a considerable rise in standards in the last five years.

In its final annual report, published as it winds down ahead of M-Day on October 31, the Mortgage Code Compliance Board reviews what it has achieved between 2000 to 2004.

The MCCB says 71,000 mortgage professionals will become part of the regulatory environment. In just three years, these professionals have passed at least one of the accredited exams that are compulsory for mortgage advisers.

Other achievements listed in the report include the introduction of minimum standards for complaints handling to complement the code&#39s requirement for firms to refer unresolved complaints to an independent arbitration scheme or the ombudsman scheme.

The MCCB has operated a disciplinary process which has identified significant breaches. By the time the MCCB closes, it will have issued 10,000 compliance reports.

It has also continued to educate firms about their compliance obligations under the code. It has held more than 220 workshops, roadshows and seminars attended by 6,000 representatives from registered firms and issued good practice and guidance notes.

The MCCB estimates the direct cost to the industry of its operation has been less than £5m in five years.

The report will be sent to each MCCB-registered firm by the end of October and includes a review of the code and the body itself.

Chief executive Luke March says: “The MCCB has overseen a significant rise in standards. The move to statutory regulation will bring another step change but the industry is now better equipped than ever to handle this transition.”


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