The first minded to authorise letters have been sent by the FSA to IFA and mortgage networks, allowing them to carry out mortgage business following regulation.
A number of IFA firms which are already regulated by the FSA and want to conduct mortgage business have been sent variation of permission letters. Legal & General, Burns Anderson, Personal Touch Insurance, Enable, Sage Financial, Trinion, Bankhall, Members Mortgages, Prem-ier Mortgage Management and Pink Home Loans have all had notification from the FSA that they are on track to be approved for mortgage regulation.
FSA press officer Robin Gordon-Walker says the regulator expects to issue a number of network decisions over the next six weeks.
He says: “The timing of any letter depends on when a network applied, on the issues that the application rai-ses, the complexity of the business proposition and the speed with which the firm can answer our subsequent enquiries.”
Pink Home Loans managing director Tony Jones says: “We are delighted to receive our minded to approve letter. We have passed another imp-ortant milestone on the road to regulation. Receiving our minded to approve letter ena-bles us to focus on developing our appointed representative network and our directly auth-orised proposition.”
Association of Mortgage Intermediaries director Chris Cummings says: “The FSA has said it is now in the process of sending minded to authorise and variation of permission letters to networks. This is good news for networks but there are some networks that have more complex applications and these could take some time to authorise.”