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FSA sends out 2,300 MTA letters

The FSA has had 3,891 applications for authorisation from mortgage firms, 4,160 from the primary insurance market and 2,464 from the secondary insurance market.

By May 31, 2,314 minded to authorise letters had been sent out by the FSA, 1,530 to mortgage firms, 691 to primary insurance and 93 to secondary insurance companies.

A total of 1,320 variation of permission letters have been sent to FSA-supervised firms which applied to conduct mortgage or general insurance business in addition to their currently regulated activities.

FSA director of high-street firms division Sarah Wilson says the FSA is encouraged by the level of engagement shown by the industry.

The May 31 deadline for the application fee discount for general insurance business has now passed and Wilson says the next milestone is July 13 which is the latest the FSA guarantees it can turn round a general insurance application before GI-Day on January 14.

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