View more on these topics

MCCB says smooth registration renewals pave way for M-Day

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 &#39in good standing&#39 status.

“Firms should remember that the MCCB remains the industry regulator right up until Mortgage Day and should not waiver in their commitment.”


IFP bids to win better PI deal for members

The Institute of Financial Planning is trying to get a better deal for its members on professional indemnity insurance. Chief executive Nick Cann believes his members, who are all certified financial planners, are lower-risk than other IFA businesses as they have good audit trails, are mainly fee-based, which is broadly perceived as being a more […]

An Exclusive move

EXCLUSIVE CONNECTIONS Next Move Tracker Type: Tracker mortgage Tracker term: Lifetime of loan Tracker rate: 1.35% above Bank of England base rate Payable rate: 5.6% Minimum loan: £25,001 Maximum loan: Up to 85% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to a maximum of £800.000, up to 75% […]

Start protests against Europe

Hundreds of financial advisers are threatened with closure by European regulations on professional indemnity insurance. However, a further European directive on PI cover is due in April 2006 and this promises a report on the appropriateness of the 2005 requirements. Paul Smee, of the Association of IFAs, is reported as saying: “Given this review, we […]

Consumer Credit regulation could be expensive for all

Datamonitor is warning one of the effects of the overhaul of the UK&#39s consumer credit laws could be higher cost of credit and greater difficulty in obtaining credit for those consumers with adverse credit histories. It says a tight implementation schedule, lack of adequate preparation, fears of increased bureaucracy and cost of compliance present a […]


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