View more on these topics

Sketchy applications hold up authorisation, says FSA

The FSA has blamed delays in its authorisation process for new lenders on the fact that many applications are incomplete.

At the Mortgage Business Expo, FSA director of conduct policy Sheila Nicoll said she is aware there have been comments about the regulator making it too difficult for new lenders to enter the market, particularly when brokers are keen to see more competition.

She said: “How long it takes for us to review an application ultimately depends on the quality of the firm, as well as the type of business it wants to carry out. A new lender will take longer to authorise than a sole trader.

“A lot of the applications are incomplete when we receive them and remain so until our deadline six months later. This can be for a number of reasons, such as the firm’s systems still being in development or its board being incomplete.

“Without a full picture, we cannot undertake a complete assessment of the extent to which a firm will comply with our standards.”


Pep talk

The message at the Cofunds winter conference was that Europe will muddle through and the UK is in much better shape than we care to admit

Diverse opinion

Blackbridge diversified fund suits investors looking to the long term and little volatility

Skandia calls for five-year sunset clause

Skandia says the cost-benefit analysis of the legacy commission ban is fundamentally flawed and providers need a sunset clause as they will not be able to change their systems in time for the retail distribution review. The FSA consultation on legacy assets, published last week, provides no specific cost estimates for the ban, saying costs […]


IMA: Beware of “tidal wave” of financial regulation

The “tidal wave” of European regulation flowing from the financial crisis may prove ultimately damaging to the region’s economy, the chief executive of the IMA argues. Speaking at The Lawyer magazine’s funds summit in Brussels, Richard Saunders (pictured) said there are about 35 separate legislative measures coming out of the European Commission that will affect […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment