Figures show the trade body now has 10,510 registered firms that are responsible for 37,949 sales staff.
The voluntary regulator attributed the fall in the number of registered firms to changes in the business model adopted by a large network firm, thought to be Sesame, which no longer requires members to seek individual MCCB registration.
Andy Young, product manager for mortgages at Sesame, said: “We have changed one of our offerings and now have around 3,000 brokers registered to use our MCCB number. This could certainly explain the drop in registrations.”
The MCCB also claimed there was an increase in the number of sales staff working for larger category firms with over 100 sales people.
Kevin Paterson, managing director of Park Row Independent Mortgages, commented: “These figures reflect the consolidation that is occurring in the market. Brokers are looking to come under the umbrella of larger organisations for a smooth transition through regulation.”
Luke March, MCCB chief executive, said: “I would like to thank firms for their prompt response to this year’s renewal. This very successful outcome ensures that the non-statutory regime will be comprehensive and robust in the transition to ‘Mortgage Day’ with no gaps in consumer protection.”
