There is growing confusion over whether the Mortgage Code Compliance Board (MCCB) will supply the Financial Services Authority (FSA) with information on companies seeking due credit in 2004.
The MCCB stores data on mortgage adviser firms, from sources such as the 1,500 detailed questionnaires are sent to small broker firms each year as a prelude to a compliance visit.
Brad Baker, spokesman for the MCCB, said: ‘The MCCB researches as much information about firms as possible before compliance visits, and this gives the MCCB an understanding of the nature of the firm it is going to visit.’
However, Baker refused to confirm whether the information would be made available to the FSA during the hand-over. He said: ‘The FSA has not said what due credit will involve, and part of the decision to share this information will involve its desire to see it. The process has yet to be confirmed. I cannot say whether the MCCB would share this information. We do not know if the FSA would want it.’
A spokesman for the FSA said: ‘What the FSA requires for due credit has yet to be decided. I can only presume there are discussions going on with the MCCB, but what the MCCB does is its own business and is not determined by the FSA.’
Frank Thurlby, head of club operations at Genesis, said: ‘If we were generous it could be suggested the MCCB is setting a baseline. It may be trying to wake brokers up to the realities of a tougher regime.’