View more on these topics

FSA sending out the first MTA letters

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.”

Recommended

Whitechurch Investment Services in liquidation after FSA orders review

Direct-mailing firm Whitechurch Investment Services has been placed into voluntary liquidation after the FSA insisted it offer reviews to clients who bought structured products promoted by the firm. WIS, part of the Whitechurch group, says it could neither afford to take the steps demanded by the FSA nor challenge its decision without the financial assistance […]

Charcol offers two-year tracker

Charcol is offering a two-year base rate tracker at 0.51 per cent below the Bank of England base rate. With a current pay rate of 3.99 per cent, the product is available up to 90 per cent loan to value and reverts to the base rate plus 1.25 per cent for the remaining term, with […]

1

Manor Park – Guaranteed UK Selected Growth September 2004

Type:Guaranteed growth bond Aim:Growth linked to the performance of the FTSE 100 index Minimum investment:Lump sum £5,000 Investment split:100% linked to the FTSE 100 index Place of registration:Guernsey Term:Three years Return:Choice of 210%, 160%, 110% or 60% growth in index at end of term Guarantee:Choice of 85%, 90%, 95% or 100% of original capital returned […]

Correspondent&#39s Week

I work a Tuesday to Saturday week so Monday is spent pottering and plotting for the week ahead. My token work call is to Liz Dolan, our delightfully eccentric personal finance editor, to decide on a feature to write this week. We plump for a look at the way in which banks, insurers and credit […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com