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FSA applications to peak this week

The FSA says it is expecting another peak in applications before April 30 (this Friday) – the date by which completed applications have to be submitted for a firm to be certain that it will be processed by October 31.

The regulator says it will make every effort to ensure that applications received after that date are processed in time for Mortgage Day but that 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 an application from which 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. 80% of these were submitted electronically.


Scottish Widows launches IFA roadshows

Scottish Widows is to embark on a series of IFA roadshows during May and June 2004 designed to provide positive contributions to the development of an IFA&#39s business. The Investing With Confidence roadshows will look at developments within the investment market and provide IFAs with the opportunity to interact with key specialists from Scottish Widows, […]

Lib Dems warn lenders over 255% increase in remortgaging

Responding to a survey from Datamonitor showing the remortgage market to have grown by 255% since 2000, the Lib Dems have called on lenders to act responsibly. Malcolm Bruce MP, Liberal Democrat shadow secretary of state for trade and industry, says: “If interest rates rise further, borrowing against house valuations that may not be sustainable […]

CML unveils online training package

The Council of Mortgage Lenders has produced a flexible online training package to familiarise lending staff with the new requirements of FSA regulation. Costing around £50 per customer, the package has been designed to help lenders and intermediaries deliver tailored training for a variety of job roles and aims to give students a good understanding […]

IMF says housing crash could hit UK

The International Monetary Fund has warned that the UK may be heading for a housing market crash that could hit the entire economy. In its World Economic Outlook report published last week, the IMF warned that while the UK economy has performed better than most, a shortage of housing, booming prices and rising debt could […]


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