The Association of Mortgage Intermediaries, the Mortgage Code Compliance Board and the Intermediary Mortgage Lenders Association have jointly stated they feel the industry and those working within it are on track to meet the Mortgage Day deadline.
The MCCB says most of its members have successfully renewed their registrations for the final six months until the October deadline, thus ensuring consumer protection under the Mortgage Code until the new rules take over.
And the number of applications for direct authorisation received by the FSA, some 3,684 so far, as well as the 806 "minded to authorise" letters sent to firms by the regulator so far, means the majority of intermediaries should know by August "where they stand", says John Maltby, chairman of IMLA.
"Now that the first FSA ‘minded to authorise’ letters have been despatched, intermediaries who are planning to operate as appointed representatives will soon have a better idea of whether their chosen principal is successfully on track for authorisation. By August, everyone should know where they stand," Maltby says.
AMI meanwhile is encouraging all those who have not yet submitted their applications for authorisation to do so as quickly as possible. The deadline provided by the FSA for guaranteeing a decision on authorisation in time for the 31 October transition to the new regulatory regime passed at the end of March.IFAonline
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