Comparable figures for the general insurance sector were 13,282 registrations for an application pack and 9,191 applications for authorisation up until September 3. With regard to applications for authorisation the estimated breakdown was 5,044 from the primary insurance market and 4,147 from the secondary insurance market.
Also, by the end of September 3, 9,614 letters had been sent to applicant firms indicating that the FSA was minded to authorise them to carry out mortgage or general insurance business. Of these, the sectoral split was mortgage 3,375, primary insurance 3,394, and secondary insurance 2,845.
MTA letters have been issued to 79 firms wishing to operate a network with a mortgage or general insurance permission and included among those receiving VOP letters are 46 networks making a total of 125 networks in all – 79 relating to mortgage business (or mixed business) and 46 to general insurance.
Sarah Wilson, director of FSA high street firms division, says: “These data show how much progress has been made since the mortgage and general insurance authorisation process started at the beginning of this year. The volume of MTA and VOP letters sent out is an indication of how far we have come, together with the industry, in the major exercise of bringing a uniquely large number of new firms into regulation at one time.