IMLA strongly advised that intermediaries should:
- Spend time choosing between direct authorisation and appointed representative status
- Familiarise themselves with the FSA requirements and new mortgage sales rules
- Ensure that they are in a position to apply early to the FSA to take advantage of discounted application fees
- Use the FSA website for information and guidance.
IMLA Chairman, John Heron said “We asked the FSA to ensure that the industry had at least twelve months between the publication of the final rules and Mortgage Day and they have delivered. The industry must now ensure that they do not waste any of this time in preparing themselves for the challenges that lie ahead.”
Heron added “I am encouraged that many intermediaries have already started looking at the regulatory options available to them and decided on the route they are going to take. However I am equally concerned that a large number have made no progress at all. With the volume of assistance that is available from a number of different sources I urge these intermediaries to start now and there is no better place to start than visiting the FSA website."
More information can be viewed at the IMLA website www.imla.org.uk
