View more on these topics

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.”


&#39TCF team will turn to mortgages soon&#39

The FSA&#39s team working on its Treating Customers fairly team will switch its focus to mortgages within four months, according to Association of Mortgage Intermediaries director Chris Cummings. Speaking at a debate about mortgage regulation at Money Marketing Live in Manchester last week, Cummings revealed that the FSA will be looking for volunteer firms which […]

Networks with part IV authorisation from the FSA

The following networks have received their part IV, full authorisation from the FSA in readiness for mortgage and general insurance regulation: Arden CourtBDS Mortgage GroupBest Advice Mortgage NetworkBlue PearlBurns-Anderson Independent NetworkCompassComplete Mortgage and Loan ServicesCartelComplete Mortgage & Loan ServicesDirect Life & PensionsEthical Mortgage SolutionsEnable Mortgage & Insurance NetworkFirst4BrokersFreedom FinanceGenesisH3 LtdJust Mortgage NetworkLegal & General MortgagesLifelink […]

Pension credit will need review, admits Johnson

The new Work and Pensions Secretary has admitted that the pension credit needs to be reviewed because it is likely to affect increasing numbers. Speaking at an ABI fringe event at the Labour Party conference, Alan Johnson conceded that if the pension credit continues to rise in line with earnings and the state pension continues […]

IFA hopes Snowdonia will be cash mountain

Family-based occupational pension schemes may not be the inheritance tax shelters that many advisers expect, experts are warning. Technical Connection pensions consultant John Page says the Inland Revenue has hinted that the new alternatively-secured pensions will attract an IHT liability. Under the Government&#39s current proposals, alternatively-secured pension holders will be able to pass on benefits […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm