The mortgage servicing company says it could be the first firm to gain administration permissions since the FSA arrears and repossessions thematic review.
Exact chief executive Ian Lonergan says: “I am delighted to have been given the green light by the FSA. The process was rigorous and we were put through our paces but that is to be expected in this economic climate.
“Our business is built for today and has none of the legacy issues faced by many third party mortgage servicers and this I believe gives us a significant advantage.”
Former HBOS chief operating officer and Exact non-executive director Phil Jenks says: “My role at Exact is to ensure that risks are managed effectively and that borrowers are treated fairly, I am delighted the FSA has agreed with our approach.”