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900 FSA authorisations in last financial year

During the last financial year the FSA has authorised 900 firms and approved 48,109 individuals.

In the last financial year, the FSA formally refused three corporate applications and formally warned another 10 firms that they were minded to refuse their applications: a further 79 applications were withdrawn, often as a result of FSA enquiries.

In most cases the problem was inadequate financial resources. In other cases, the FSA suspected involvement with financial crime, or were concerned about group structures which were complex or difficult to supervise.

During the year, the FSA formally refused nine individual applications and formally warned another 21 individuals that they were minded to refuse their applications. A further 39 individual applications were withdrawn by the sponsoring firm after the FSA had classified them as non-routine. Most concerns were about the individuals&#39 honesty, integrity and reputation.

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