The FSA has published details of the authorisation process for firms that need to apply to be regulated for home reversions and Islamic mortgages.
The FSA will open its doors to applications from November 6, 2006, in anticipation of the new regimes starting on April 6, 2007.
Firms are encouraged to apply as soon as possible in November to ensure that their applications are dealt with in time. After April 6, 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an appointed pepresentative of an authorised firm to carry on home reversion or Ijara home finance business.
Head of the FSA’s authorisation department Roger Hillyer says: “Details of the authorisation process are published today to help firms apply for the new regulated activities which are just round the corner. All firms should act soon to ensure that they are ready in time.”