The MCCB confirmed that lenders and intermediaries have almost universally renewed their registration for the MCCB’s last four months in operation.
The FSA has also announced that it has already issued 806 ‘minded to authorise’ (MTA) letters to firms seeking mortgage authorisation and received 3,684 applications for direct mortgage authorisation to date. This figure edges towards the widely-held expectation that half the industry will be directly authorised.
Chris Cummings, director of AMI, said: “The deadline has now passed for the submission of applications to the FSA guaranteed to be processed before the start of mortgage regulation. Any firms wishing to be directly authorised who have not yet submitted their application need to do so as soon as possible to minimise the risk of not getting their authorisation in time.”
Michael Coogan, CML director general, added: “The MCCB has continued to demonstrate how effective it is. This safeguards consumer protection under the Mortgage Code in the run-up to the beginning of FSA regulation from 31 October.”
