76 brokers apply for authorisation in 2009

Some 76 mortgage brokers applied for Financial Services Authority authorisation in 2009, research from IMAS Corporate advisers shows.

It says authorisation of new firms across the wider UK financial services industry is currently at recent record lows.

Only nine mortgage brokers applied for FSA authorisation in Q4 2009, compared to 23 in Q1 2009 – a drop of over 60%.

IMAS says 2009 represented the fourth successive decline in annual net authorisations after deducting cancellations across the UK financial services industry. Total new firm authorisations are currently running at just over 25% of the peak of the most recent economic cycle in early 2007.

New joiners to the finance industry in 2009 fell significantly to 13,000 from around 20,000 new joiners in both 2007 and 2008.

However, the net decline in employment has now improved for three successive quarters, indicating that confidence appears to be recovering from the lows of early 2009.