Supporting Your Business
FSA News Archive
FSA Application Packs
Sarah Wilson, Director of High Street Firms, announced on the 2nd April that as at 31st March the FSA had received a total of 13210 registrations for application packs, of which 5945 were from firms in the mortgage market, and 7265 were from general insurance firms.
They had received 4229 applications for authorisation, around 80% electronically; As a very high proportion of those applications arrived during the preceding days not all had been categorised but at least 70% were from the mortgage market.
In addition, 3545 existing authorised firms had told the FSA that they plan to apply to vary their permission to include mortgage and general insurance activities (or both), and 2811 have submitted applications to do so.
If you are not one of those intermediaries who have submitted an application for authorisation or applied to vary your permission there are two key dates you must consider:
- 31 May 2004 is the deadline for the FSA's early application fee discount
- 13 July 2004 is the deadline for applications to meet the FSA's guaranteed processing commitment
Remember that unless you are appropriately authorised by 14 January 2004 you will no longer be able trade under the new regulations. If you have not yet registered for the application pack you can do so on the FSA website at:
www.fsa.gov.uk/mgi/authorisation_homepage.html
If that authorisation process looks daunting and you want help then remember that Norwich Union can offer an excellent support package which we have arranged with PricewaterhouseCoopers, information can be found online, or alternatively contact your Account Manager.
In addition to ensuring your own business is appropriately authorised another key question you must address is are all your sources of business likewise appropriately authorised?
To help you answer this question which could have a significant impact on your business the FSA have produced a helpful factsheet.
