First Mortgage Options has announced details of its transitional arrangements available to mortgage brokers who want direct authorisation, but fail to receive their FSA authorisation by 31st October 2004.
FMO's mortgage network Your Mortgage Options will allow mortgage brokers of any size to operate as authorised representatives on a rolling monthly contract until their authorisation is received from the FSA.
Group managing director Alan Hill says: “Your Mortgage Options has received a large number of enquiries from mortgage brokers who have either submitted late applications to the FSA, or have had applications suspended whilst they provide the FSA with additional information. We have also received enquiries from businesses who have not yet made an application to the FSA, but want the option to do so, and in some instances need assistance to obtain direct authorisation.
“These businesses do not want to be tied to a network under an AR agreement for a 12-month contract, so YMO's rolling monthly contract will offer them an very flexible option to continue trading if they have not yet received direct authorisation.”