FSA indefinitely delays individual registration for mortgage brokers

The FSA has indefinitely delayed its plans to introduce individual registration for mortgage brokers.

In December 2010 the regulator announced that it was delaying its plans to introduce individual registration for brokers until 2012/2013.

But an update on its website says: “We remain committed to extending the approved persons regime to those selling mortgages, but given our broader priorities to deliver the UK’s two new regulatory bodies, we will not be able to deliver the necessary changes before the FCA is established.

“We will introduce the changes as soon as practically possible and, in doing so, will make sure that firms have enough time to make the necessary arrangements.”

As part of its Mortgage Market Review, the FSA announced in June 2010 that it was to extend the approved persons regime to include all those who advise or sell mortgages.

The FSA had originally planned to introduce the changes by March 30 2011, requiring all advisers and branch staff to take a ’fit and proper’ test.