FSA must highlight April 30 deadline, says ADMA

The Association for Direct Mortgage Authorisation says it is concerned that the FSA&#39s application discount, which was available until the end of March, attracted mortgage applications from only half of the mortgage firms who had applied for packs.

It says that there is still some way to go in making sure that brokers who have applied for direct authorisation are aware of the deadline at the end of April.

Jason Rogerson, spokesman for ADMA, says: “The FSA must be disappointed that the discount did not persuade more mortgage firms to apply before March 31.

“It is important for the FSA to do what it can to increase the profile of the April 30 deadline. ADMA is trying to convince brokers that direct authorisation is a viable choice for even the smallest firm.”

Rogerson suggests the FSA may wish to consider a final deadline email to all firms who still have packs outstanding.

He adds that ADMA can help brokers complete their applications in time for the end of April by going to the ADMA website (www.admaltd.co.uk) and downloading from the extensive notes available.