FSA prevents transfer of 23 HoC ARs

Home of Choice has revealed that the Financial Services Authority is preventing 23 appointed representatives from re-authorising under the First Complete banner.

A spokeswoman for the network says 13 ARs were suspended or being investigated by the FSA when the network went into administration.

But she says a further ten have been denied re-authorisation by the FSA but have not been told why.

She says: “The FSA has said 23 ARs can’t transfer over. Some 13 ARs were subject to a compliance investigation at the time of administration so that suspension carries on. The FSA has not made clear why it does not want the other ten to transfer.”

A spokeswoman for the FSA, says: “We are working with the firm to effect a bulk transfer of ARs where possible.

“We expect the firm to take a view on the ARs it wishes to transfer. As part of the FSA’s more intensive and intrusive approach, we look closely at all applications.

“Some applications will require more detailed consideration than others and may therefore take longer to process.  Firms who have concerns should speak to Home of Choice directly.”

As part of the acquisition by LSL approximately 450 ARs were due to transfer.