The number of firms that have renewed their MCCB registration for the final period before M-Day suggests a seamless transition to FSA regulation, according to the MCCB.
A total of 9,961 intermediary firms, responsible for 36,924 sales staff, have renewed their registrations for the last period of non-statutory regulation. In addition, 549 new firms have applied to join the register, making a total of 10,510 firms registered as of May 31.
The figures are down on 11,300 intermediary firms on the register this time last year but the MCCB believes this is because of changes in the business model of a big registered network firm which no longer requires its member firms to seek separate MCCB registration.
The MCCB also says that 153 lenders had renewed their registrations by May 31.
Chief executive Luke March says the great number of registered firms which have maintained consistent registration will benefit from due credit in the FSA authorisation process.
He says: “This very successful outcome ensures the non-statutory regime will be comprehensive and robust in the transition to Mortgage Day with no gaps in consumer protection.”
AMI director Chris Cummings says: “The vast majority have renewed their subscription but firms which have not renewed risk losing their 'in good standing' status.
“Firms should remember that the MCCB remains the industry regulator right up until Mortgage Day and should not waiver in their commitment.”