Releasing its annual report for 2003, the Mortgage Code Compliance Board (MCCB) said 60,000 individuals had now passed the required industry exams.
Ironically, in the face of Financial Services Authority (FSA) regulation, the last year has been the busiest yet for the MCCB. Not only has it overseen the new examination requirements, but it has also held over 100 workshops attended by 1,500 firms, and extended its ‘fitness and propriety’ checking processes.
With just over a year to go before the MCCB hands over to the FSA, its chief executive Colin Harris said he was worried about a gap in the protection afforded to borrowers after Mortgage Day if the Financial Ombudsman Service is not going to be given powers to rule on consumer complaints originating from sales made under the Mortgage Code. At the moment, no such provision has been made, although the Treasury is consulting on the matter and due to pass judgement shortly.
While the MCCB will be disbanded after the FSA takes over, Harris said there had been no mass desertion from staff, and paid tribute to the job they had done. Representatives from both brokers and trade bodies expressed the likelihood of many from the MCCB proving to be highly sought after staff in the intermediary sector after their work with the MCCB comes to an end.