The changes will take effect on ‘Mortgage Day’ 31 October 2004 when the FSA will assume statutory responsibility for regulating the mortgage industry. The Mortgage Code will no longer apply from this date and the MCCB will cease its activities.
Its helpline will close on 31 October 2004 but there will be a recorded message with details of the FSA and Financial Ombudsman Service (FOS) helpline numbers.
The Mortgage Code website resource will also close on 31 October 2004. The homepage will remain ‘live’ for a further twelve months directing users to the new relevant websites at the FSA or FOS.
No new applications will be processed after 30 September 2004 due to processing time constraints.
Registered firms are asked to ensure all outstanding matters and correspondence are dealt with before ‘Mortgage Day’.
Luke March, chief executive of MCCB, said: “With ‘Mortgage Day’ fast approaching we urge registered firms to be aware of the changes which will happen when we hand over regulation of the market to the FSA.”
Brad Baker, head of communications at the MCCB, added: “Members have been informed in writing and we have noticed that helpline calls have halved in volume over the past few weeks. We have received, and expect to receive, no adverse reaction to the timetable.”
