The Mortgage Code Compliance Board (MCCB) is still in the process of winding up, so the exact amount of members’ money left over is yet to be determined.
However its constitution allows for the money to be given to charity, to an organisation which fulfils a similar role, namely the FSA, or to return the cash to members.
It is understood the last option has been ruled out as the cost of postage and locating all of the former MCCB members is too high.
MCCB spokesman, Colin Harrison said: “Giving the money to the FSA could be the cheapest way of getting the money back to the firms, if the money is then used to subsidise the following years fees.”
However Chris Cummings, director of the Association of Mortgage Intermediaries (AMI), said that many in the industry would prefer the money to go to good causes.
“If any of the money does go to the FSA it is vital it is ring-fenced. We would want a full breakdown on how the money was spent, for example, broker fees minus MCCB surplus equals new lower fees.”
He cautioned that “in the overall budget of the FSA a couple of million could get lost when they round the numbers up”
