6,693 registrations were from the primary insurance market and 7,212 from the secondary insurance market, those who sell general insurance products alongside other goods and services.
With regard to applications for authorisation the estimated breakdown was 5,151 from the primary insurance market and 4,408 from the secondary insurance market.
As at 11 November, 8,571 ‘scope of permission’ notices (SPNs) had been sent to general insurance firms. An SPN formally sets out the range of activities the firm will be authorised to conduct and the date from which this permission starts.
In addition, 7,319 firms already on the FSA Register (including firms recently authorised to conduct mortgage business) have been granted permission to carry on general insurance business in addition to their current regulated activity
SPNs have been issued to 86 new firms wishing to operate a network with a general insurance business permission only, while 53 networks who were newly authorised to conduct mortgage business on 31 October have also been granted a GI permission to take effect on 14 January 2005.
And SPNs have been granted to 13 existing networks wishing to vary their permission in respect of general insurance business only and to 43 existing firms wishing to vary their permission to include both mortgage and general insurance business.
Sarah Wilson, director of the FSA’s High Street Firms Division, said: “’General Insurance Day’ is now only two months away. Many general insurance firms that acted promptly have now received notification from us of their future authorisation.
However, while the numbers of applications from firms selling general insurance as a secondary activity are rising slowly, we are increasingly concerned that such firms are not applying for authorisation in sufficient numbers.”6,693 registrations were from the primary insurance market and 7,212 from the secondary insurance market, those who sell general insurance products alongside other goods and services.
With regard to applications for authorisation the estimated breakdown was 5,151 from the primary insurance market and 4,408 from the secondary insurance market.
As at 11 November, 8,571 ‘scope of permission’ notices (SPNs) had been sent to general insurance firms. An SPN formally sets out the range of activities the firm will be authorised to conduct and the date from which this permission starts.
In addition, 7,319 firms already on the FSA Register (including firms recently authorised to conduct mortgage business) have been granted permission to carry on general insurance business in addition to their current regulated activity
SPNs have been issued to 86 new firms wishing to operate a network with a general insurance business permission only, while 53 networks who were newly authorised to conduct mortgage business on 31 October have also been granted a GI permission to take effect on 14 January 2005.
And SPNs have been granted to 13 existing networks wishing to vary their permission in respect of general insurance business only and to 43 existing firms wishing to vary their permission to include both mortgage and general insurance business.
Sarah Wilson, director of the FSA’s High Street Firms Division, said: “’General Insurance Day’ is now only two months away. Many general insurance firms that acted promptly have now received notification from us of their future authorisation.
However, while the numbers of applications from firms selling general insurance as a secondary activity are rising slowly, we are increasingly concerned that such firms are not applying for authorisation in sufficient numbers.”
