The FSA faced increasing pressure of late to advance authorisations for networks allowing mortgage brokers who had made a decision to go tied to do so with confidence. Without this pre-approval there would be no certainty that a network would receive authorisation in time for October (or perhaps not at all) - potentially leaving member firms without regulatory permissions.
Speaking about the early response Mike Furlepa, compliance manager at MGM Assurance, said: “This demonstrates that experience of regulatory regimes has a distinct advantage. We did not underestimate the quality of the application required or the commitment to a robust training and competence framework for the future.
“We have been dealing with Financial Services regulation since inception in 1988 and have always conducted ourselves with the highest standards. Good compliance essentially means good business practice and that benefits everybody.”
Stephen Maskens, manager of Home Finance, added: “This gives great peace of mind to all of the firms that have already joined us as full members and we can now carry on recruiting new brokers who want the highest level of support available. We have made a significant investment in advance of October and, unlike some other firms, all of our resources are already in place”
