The FSA says it is expecting another peak in application levels in the run-up to April 30 – the date by which applications have to be submitted for a firm to be certain it will be processed by October 31.
The FSA says it will make every effort to ensure that application packs received after April 30 are processed in time for Mortgage 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 where no information is missing.
By close of play on March 31 2004 – the end of the discount period for firms applying for mortgage permissions or mortgage and general insurance permission – the FSA had received 4,229 applications, of which more than 70% were from mortgage firms, where 80% of these were submitted electronically.
It says that a steady stream of applications has continued over the Easter period and that it will provide an update on the latest application figures at the end of this month..
The FSA adds that it is encouraged by the level of engagement by the industry and expects to issue the first set of decisions to applicants in the form of minded to authorise letters at the end of next week.