The CML sees this as a hugely significant step in setting high standards for mortgage selling, well in advance of FSA regulation in 2004.
Commenting on the news, Michael Coogan, CML Director General, said: "The MCCB, and mortgage advisers themselves, have made a big effort to get the industry qualified and to demonstrate a professional approach to the selling of mortgages. This is greatly to their credit. The CML continues to see a crucial role for the Mortgage Code and for the MCCB in advance of the move to statutory mortgage regulation in 2004. We believe that the FSA will be inheriting an industry which has largely succeeded in getting its own house in order in regulatory terms, thanks to the way in which lenders and advisers have embraced the voluntary regulation of the Mortgage Code and the authority of the MCCB."
