IFA authorisations fall 35 per cent
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IFA authorisations fell 35 per cent from Q1 to Q4 in 2009, while mortgage broker authorisations plummeted 61 per cent, according to analysis by IMAS Corporate Advisors.
Its report into regulation trends in financial services shows that 81 IFAs were authorised in Q1 2009, 74 in Q2, 75 in Q3 and 53 in the last quarter.
Mortgage broker authorisations fell from 23 in Q1 and Q2, to just 9 in Q4.
On the wider financial services industry, 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 per cent of the peak of the most recent economic cycle in early 2007.”
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Readers' comments (2)
Anonymous | 3 Feb 2010 8:51 am
Thats probably because they have so many pending! My authorisation (direct + MiFID) took 15 weeks, apparently 20-24 weeks is now expected!
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Miguel M | 3 Feb 2010 5:44 pm
A triumph of efficiency, the FSA are well ahead of schedule in driving individuals out of business. But what will they do when they run out of peoiple to fine? Oh dear, no more expensive hotels and suites with minibars, best for the staff to get a nice job with a bank or insurance company before the FSA runs out of people to bully.f
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