Brokers advised to fill in both direct and AR status applications

The FSA has advised intermediaries to fill in an application for both direct authorisation and appointed representative status in case their network fails to get authorised.

Responding to broker concerns at the Mortgage Business Expo that the majority of principals still have yet to get FSA authorisation, Susan De Mont, manager for high street firms at the FSA, says: “We recognise that those brokers who want to join a network may not know until late January whether their principal has successfully secured authorisation.

“This is why firms should have a contingency plan in place and fill in two applications.”