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MCCB will name and shame and tighten up on PI

The Mortgage Code Compliance Board is set to change its rules to allow it to name and shame firms it has disciplined and to tighten up its professional indemnity insurance requirements.

It is proposing the two rule changes from May 1, when brokers must re-register with the MCCB, and is giving firms until March 7 to consult on the amendments.

Under the current regime, the voluntary regulator can only publicise disputes which are resolved by the independent disciplinary committee.

Where a settlement is reached with a firm before this stage, the MCCB can only disclose details if the firm agrees. It is concerned that this is detrimental for consumers and the industry in educational terms.

The second amendment is to tackle the problem of the MCCB often not being notified when a firm&#39s PI cover lapses.

It realised the scale of the issue from a recent sampling exercise and it is proposing that PI policies must list the MCCB as an interested party so the PI provider will tell the MCCB of lapses.

MCCB spokesman Brad Baker says: “These changes would come into effect on May 1 when firms re-register. They are relatively minor based on our experience. We would be able to name cases settled at a disciplinary hearing. The changes to PII requirements will tighten up the process but will not make it any more onerous for firms.”

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