The FSA will make every effort to ensure that Application Packs received after 30 April are processed in time for M Day, although this cannot be guaranteed. Under the Financial Services and Markets Act the FSA has six months from the date an application is received to make a decision on a complete application (i.e. where no information is missing).
By close of play on 31 March, the end of the discount period for firms applying for mortgage permissions or mortgage and GI permission, FSA had received 4,229 applications, of which more than 70% were from mortgage firms. The large majority (80%) of these were submitted electronically
A steady stream of applications has continued over the Easter period. We'll provide an update on the latest application figures at the end of April.
We are encouraged by this level of engagement by the industry and we expect to issue the first set of decisions to applicants in the form of "minded to authorise letters" at the end of next week.
Firms in both mortgage and general insurance sectors are actively identifying their choices such as seeking authorisation or to become an Appointed Representative
