The announcement of the exact allocation of the funds is set to be made at the CML lunch on 22 April by MCCB spokesperson Colin Harris.
Brad Baker, spokesperson for the MCCB, refused to comment as to where the money would be allocated but could not deny that some of it was destined for the new regulator.
He said: “There are still some liabilities to be settled and the final decision has not been taken.”
The news the FSA was to receive a portion of the surplus was not welcomed by some industry commentators.
Chris Cummings, director of AMI, said the trade body had consistently advocated that the surplus cash should be returned to brokers.
“If returning the fees is too expensive then the MCCB should turn itself into a charitable foundation or the cash could be given to the financial services compensation scheme. This would benefit the industry without being eaten up by regulation.”
Richard Griffiths, managing director of Network Data, who had recently offered to undertake the necessary administration in returning the surplus to ex-MCCB members, reiterated his offer and said that he had sent a solicitor’s letter to the organisation demanding the return of Network Data’s unused contribution.
Bill Warren, director of the Complete Network, commented: “Personally I believe the money belongs to the people who paid it in the first place.
“Despite my disappointment if this were not to happen, I believe if the money has to go to education it should go to the Institute of Financial Services.”
Richard Fox, chief executive of the Society of Mortgage Professionals, refused to comment on whether his organisation would receive any of the funds.
