MCCB bows out by wishing firms and the FSA every future success

Amanda Jarvis

October 22, 2004

The MCCB points to:
-A Significant Lasting Legacy
-Successful Transition to Statutory Regulation Achieved

During the period of its existence, the Mortgage Code and independent MCCB model has proved to be a sound example of effective industry self-regulation and without its significant developmental effect on standards and the establishment of a culture receptive to regulation, when little existed before, it is doubtful whether statutory regulation could have been implemented effectively and so smoothly in the short term.

MCCB has overseen a significant rise in standards, something that has been well documented in recent ‘closure’ comments in the press and in MCCB’s own Annual Report and Review, published earlier this month.  The move to statutory regulation will bring another step change, but MCCB believes the mortgage industry is now better equipped than ever to handle this transition.

Luke March, Chief Executive of MCCB says “As MCCB prepares for its closure, I know that the skills, expertise and knowledge of our staff – built up as a result of the industry’s investment in the Mortgage Code and MCCB – will be highly sought after. Mortgage firms and also the FSA are now actively seeking to recruit our staff to join them so that their considerable experience of the mortgage market can be retained within the industry. I am particularly proud of the hard work and dedication of the team at MCCB, which has been exceptional, especially taking into account the unique circumstances under which MCCB has operated since December 2001. This, along with the strong support of the industry, has enabled the goal of a smooth transition to statutory regulation – with no diminution of consumer protection or loss of momentum in raising standards – to be achieved.

“As MCCB ceases its operations, all our staff and I would like to thank registered firms for their support of the Code and work of MCCB over the last five years. We have been proud to be the regulator and to have made a significant and positive impact on a vibrant, professional industry that performs such an important role and contribution to the UK economy.”

MCCB sends all firms and the FSA, as the new statutory regulator, its good wishes for the future.

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