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FSA freezes out 600 rogue M&GI firms

The FSA says it has kept more than 600 unsuitable mortgage and general insurance firms out of the industry since the start of regulation.

FSA records show that, at the first stage of the authorisation process, approximately 550 M&GI firms either withdrew or were refused permission to conduct business.

At the second stage of the process where firms can appeal to the Regulatory Decisions Committee, approximately 60 firms withdrew or were refused. The Tribunal is the third and final part of the process, and 11 firms have withdrawn or been refused.

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