Michael Coogan, CML Director General, said: "MCCB was phenomenally effective. From scratch, it identified and registered virtually all the active lenders and intermediaries in the mortgage market, and monitored their adherence to the Mortgage Code established by the CML. It earned the respect and trust of its registered firms, and was a significant influence in professionalising the industry.
"Without the MCCB, there would have been no way of ensuring the almost universal coverage that the Mortgage Code achieved. Without the Code and MCCB as a bridge to statutory regulation, the transition could have been chaotic. As it is, the majority of firms seem set for Mortgage Day on 31 October, with MCCB helping them towards this goal even at this late stage.
"I applaud the achievements of the MCCB, and thank the extremely dedicated staff for all their mammoth efforts to help make the mortgage market a more professional and more consumer-friendly place."
