With 362 days to go until the FSA takes over responsibility for mortgage regulation the FSA has launched a 'Call to Action' campaign for mortgage intermediaries who wish to register for direct authorisation.
The FSA has already put a variety of helpful publications aimed at intermediaries on its website. It has also opened a contact centre which intermediaries can use to register for an application pack and ask questions about the application process.
The Association of Mortgage Intermediaries, Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association will be encouraging intermediaries to register with the contact centre for a copy of the application pack. This will ensure they have their packs in time to qualify for discounts for early registration, and help them understand the application process. For many, the process may prove less daunting than first expected.
The contact centre can be reached via:
The internet (at www.fsa.org.uk/mgi). This will have an email facility to enable intermediaries to register for application packs and ask questions about the process.
Telephone: The contact centre number is 0845 605 5525.
In the early days, it is likely that call volumes will be high, so it may be advisable to use the internet option if possible.
AMI, CML and IMLA say that they look forward to working with the FSA to ensure a smooth transition to statutory regulation in October 2004, and hope the FSA will make the application packs available for firms as soon as possible.