Martin Gilsenan, spokesman for ADMA said: "Evidence from our members as well as conversations with networks suggests that too many brokers are still under the impression that there is still time to make a decision."
He added: "Whether applying to join a network or going directly authorised, the principal or the FSA will have to make all the relevant checks and even though the FSA has no backlog, becoming authorised can take up to 8 weeks or longer, particularly if there are any queries on the application form. We urge brokers to bite the bullet. It is no good thinking that there will be a time extension after 31st October or the FSA will be lenient if a broker is still trading while unauthorised. Decision time is now and ADMA would urge every intermediary to take action now or risk missing the boat after October 31st.’'
