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FSA checks up on loan applications

The FSA is requiring many mortgage brokers applying for direct authorisation to prove they have the senior management controls or T&C they have claimed on their applications six months before regulation starts.

AMI director Chris Cummings says he has had a significant number of calls from members which have been approached.

He says this has “taken a few people by surprise” as the systems need to be in place before October 31 but there is no obligation to have the systems in place now.

The AMI is advising that intermediaries should provide information on their present systems and plans for new systems in place by October 31.

The FSA says it reserves the right to follow up applications the application is a “simple self-certification”.

Cummings says: “The FSA is being a touch too eager. Many people are preparing their systems but do not yet have the documentary evidence available that the FSA is requesting.”

FSA spokesman Robin Gordon-Walker says: “We have written to a sample of mortgage applicants asking for more detail on T&C and senior management systems to help us get a better feel for applicants&#39 practice in these areas.”

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