Griffiths, managing director of Network Data, made the offer in response to an article in Mortgage Introducer 12 February issue entitled ‘MCCB surplus earmarked for the FSA’.
He expects the surplus to be around £1.49 million and dismissed reports the MCCB feel the cost of paying back the money would outweigh the amount returned.
Griffiths explained that there was an argument that the money was obtained from the mortgage broker community under false pretences for running the operations of the MCCB when it turned out not to be the case.
He said: “Surely broker firms have a legal right to the return of money and rank ahead of any other third parties such as the FSA.
“I cannot imagine that the total cost of returning the £1.49 million would exceed £100,000. This is a formal offer to do the administration work for this amount, being £10 per broker firm. If the MCCB can get a cheaper deal elsewhere, go for it.”
Chris Cummings, director at AMI, said: “It’s a noble gesture and I admire his intentions but I’m not sure of the legal practicalities.
“It is too big a sum for the industry to lose sight of and a full audit trail will be required however it is dealt with.”
Brian Murphy, lending manager at the Mortgage Advice Bureau, said: “This sounds like a clever move of endearing himself to the wider broker community.”
