The FSA has started to grant some mortgage and IFA networks full authorisation while others have yet to see a minded to authorise letter, with M-Day just six weeks away.
Trustguard Credit Services, Purely Mortgages, Prestbury Holdings and Professional Mortgage Partnerships have received their grant of permission under the Financial Services and Markets Act 2000, with full authorisation for post M-Day operations.
The FSA says MTA letters have been issued to 79 firms wanting to operate a network with a mortgage or general insurance permission and 46 networks have had variation of permission letters.
Prestbury has spent £2.5m to get its compliance structure and models ready before October 31. It is hoping to launch Prestbury Asset Management some time after M-Day. Chief executive Lee Birkett says: “I suspect hundreds of guys are not going to have their FSA numbers on November 1. We anticipate a phenomenal influx of mortgage intermediaries to us but we will be very choosy.”
Trustguard group compliance director Nick Battersby says: “Our network will be very small compared with some of the other players in the market but we have put a lot of effort into this and to see this hard work rewarded is good news for us.”
MTA list, p8