From 23 February, over 12,000 mortgage intermediaries across the UK began to receive their MCCB registration renewal forms.
The Board previously announced that fees paid by lenders and by intermediaries have been significantly reduced this year and for intermediary firms there will be no firm registration fee, and the sales staff fee will be paid at a lower rate than 50 per cent of the fee payable in 2003/4. In addition, the MCCB has confirmed that new applications will be processed at lower fee levels than 2003/4.
The MCCB requires one simplified form to be completed and returned with a cheque for the appropriate fee.
The MCCB is keen to emphasise the importance of its role in the handover as it said it is vital for the industry’s reputation that the non-statutory regime remains robust.
MCCB-registered lenders will continue only to accept business from MCCB-registered intermediary firms in the transition period, so it is essential that firms who wish to remain in the industry renew their registration and their commitment to the standards set by the Mortgage Code.
Luke March, chief executive of the MCCB, said: “As well as ensuring that the industry’s reputation is maintained through continuity of consumer protection arrangements, a full renewal will allow all firms in good standing to receive due credit towards FSA authorisation.”
The MCCB has embarked on a series of 21 national seminars intended to help advisers make the transition to the regulated era.
