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Last chance for DA aspirants

It says: “We will do our best to deal with DA applications and late AR notifications before Mortgage Day but we cannot compromise the integrity of our scrutiny or that of our decision-making process.

“Outstanding applications and notifications should be submitted urgently and firms should make doubly sure that the required forms are complete and correct.”

Last week the FSA issued an update saying it had received 6,822 registrations from the mortgage sector to obtain an application pack and 3,950 applications for authorisation as of September 3.

Comparable figures for the general insurance sector were 13,282 registrations for an application pack and 9,191 applications for authorisation.

Also, by that date, 39,614 letters had been sent to applicant firms indicating that the FSA was minded to authorise them to carry out mortgage or general insurance business. Of these, the sectoral split was: mortgage 3,375, primary insurance 3,394, secondary insurance 2,845.

Minded to approve letters have been issued to 79 firms wishing to operate a network with a mortgage or general insurance permission. Of these, 46 received variation of permission letters. This makes a total of 125 networks, 79 relating to mortgage or mixed business and 46 to relating to general insurance.

Sarah Wilson, director of the FSA&#39s high street firms division, says: “These figures shows how much progress has been made since the mortgage and general insurance authorisation process started at the beginning of this year.”


House prices fall for third month, reveals NAEA

Over three quarters of estate agents confirmed that they believe prices have reached their peak. Asking prices were on average 1.3% lower than the previous month and, further confirming the much-anticipated slowdown in the market, the annual increase in house prices was 8.5%, down from 10.3% the previous month. In addition, 79.6% of estate agents […]

Bankhall planning to expand into Europe

It says it will use its expertise gained in the UK to capitalise on the introduction of the European Insurance Mediation Directive which will bring regulation to all member states from January 15. Group sales director Shaun Godfrey says: “The directive means that 250,000 firms across Europe are about to be regulated in some form […]

No room for misunderstanding in the FSA world, warns AMI.

Intermediaries who do not fully understand the FSA&#39s rules for mortgage advice will face harsher penalties than ever before after Mortgage Day, The Association of Mortgage Intermediaries has warned. From October 31, intermediaries offering mortgage advice must be fully aware of the new FSA requirements. These requirements go far beyond those that currently exist under […]

FSA receives 6,822 requests for application packs

Comparable figures for the general insurance sector were 13,282 registrations for an application pack and 9,191 applications for authorisation up until September 3. With regard to applications for authorisation the estimated breakdown was 5,044 from the primary insurance market and 4,147 from the secondary insurance market. Also, by the end of September 3, 9,614 letters […]

A guide to auction finance in 2017

By Matt Tooth, chief commercial officer, LendInvest Over the coming weeks, property auction houses across the country will begin sending out their catalogues to prospective buyers in time for the first auction series of 2017. It’s an exciting time for investors, well aware of the opportunities the properties on the lot sheets offer them and […]


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