This has come about in response to its application to act as a network principal for mortgage and general insurance business.
This announcement acknowledges the planning and investment undertaken over the past two years developing a robust, in-house, compliance infrastructure as part of the Genesis Approved Network.
Barry Robson, Managing Director of Genesis said: “We are delighted to receive our minded to authorise letter from the FSA. The combination of our experience of running a mortgage club and the financial strength of our parent company, have helped ensure that Genesis will be one of the foremost network principals. The receipt of this document will reinforce the benefits of the Genesis network for those intermediaries who are considering Appointed Representative status.”
Frank Thurlby, Head of Compliance at Genesis commented: “This is great news for Genesis. I am delighted to confirm that the FSA has notified us that it is minded to authorise us to carry out mortgage and GI business. We have made substantial investment in the business; especially compliance, and this notification will provide the final confidence boost to intermediaries who are interested in the Genesis network.”
This news will also benefit the packagers who have joined Genesis, as either franchisees or licensees, who provide an AR proposition to their intermediaries, enabling them to continue to operate in a regulated environment.”
