FSA to consult on extension of 'audit rule' waiver

The news comes after the FSA announced in November mortgage and general insurance intermediary firms which are no longer required to appoint a statutory auditor will benefit from a rule waiver removing the requirement they include only audited figures within the reserves reported in their regulatory returns. The waiver removes the requirements for reserves to be taken from audited accounts, thus allowing firms to include unedited reserves, and for interim net profits to be verified before they can be included as “eligible capital”. Robin Gordon-Walker, press officer at the FSA, states: “T...