With the FSA reminding sale and rent back firms to apply early due to the length of time it’s taking to review applications, Compliancy Services is advising firms to make sure their full applications are submitted before the end of January or potentially risk missing the FSA deadline.
The specialist sale and rent back arm of Compliancy Services was launched to aid SARB firms, many of whom have never previously been regulated, deal with the often complex and time-consuming requirements of achieving and maintaining FSA authorisation
Claire Wilkinson, retail director at Compliancy Services, commented: “Firms must have the necessary permissions granted by 30th June 2010 or cease trading until they get them. The FSA has advised firms to apply for full authorisation ASAP and not leave it until a couple of months before the June cut-off. Obviously firms will need to have all their compliance procedures in place and agreed so they can carry on trading after this deadline. If they haven't received their full authorisation by this time, their interim permission ends with it needing to be replaced by full authorisation. However, if the FSA haven't had time to complete their enquiries this could be in jeopardy. It is vital to applications that robust compliance procedures are firmly in place and fully operational as whilst the interim regime has seen a lighter touch to regulation, this will definitely not be the case for the full regime.”
