MCCB – scrapped or merged?

The poll, carried out by, questioned intermediaries as to whether they thought the MCCB should be disbanded, taken over by the FSA, or remain as it is.

The survey found that four out of 10 brokers do not want the MCCB to continue in business now a new regulatory regime has been defined by the Government, and 43 per cent of respondents would like to see the FSA take over the MCCB.

In addition, only 16 per cent said that in their opinion the MCCB is doing a good job and that, as a consequence, it should be allowed to retain its current position within the mortgage industry.

"These results are a major surprise," said Ed Tackas, managing director of "The MCCB has spent a lot of time and effort wooing the intermediary community – but our poll shows that these efforts have been to no avail.

"There is a clear lack of support for the MCCB among the intermediary community. All of the brokers that we have spoken agreed that the industry needs to be regulated, but the vast majority say they are frustrated by the way the MCCB has policed the industry.

"Intermediaries want a change to the status quo in the mortgage industry – and they want the change to take place sooner rather than later."