The lender surveyed its packager panel to find out what their major concerns were. From over a hundred responses, 90 per cent cited at least one major issue; many respondents cited more than one issue.
71% of respondents said that they were concerned about having a proper understanding of how to apply for and gain the correct level of FSA authorisation for their firm. Within this category, the dominant concern (47%) was the need for help with interpreting the requirements. Other key topics were the need for simple, practical guidance (10%); choosing the correct category and permissions (9%); and keeping up to date with changes (9%).
Around 25% of respondents cited increased costs, time and resources as their chief concern. Within this category, extra costs (54%) dominated, with extra time at 29% and paperwork/administration at 17%. A number of packagers (24%) cited major concerns about changes in the market such as: future role for packagers (43%); effect on smaller businesses (22%); cold calling ban (13%); domination of networks (13%); and polarisation (9%).
Stuart Aitken, SPML’s director of credit, said: “We invited unprompted comments from our packagers (rather than giving them a list of options) as we really wanted to reveal the key important issues to be addressed. The survey reveals that there is a real need for practical help in achieving a better understanding of what is required for successful FSA authorisation and compliance.”
