Networks told to police ARs on FSA numbers

The news follows fears first raised two months ago that networks could find themselves falling foul of the Financial Services Authority (FSA) because they are failing to monitor the amount of business being conducted under their FSA number. Wayne Smethurst, partner at TFC wrote to lenders in February asking whether they would be willing to provide reports to networks informing them how much business was being conducted on their FSA number. He says to date only Preferred Mortgages has said it would be willing to do this. The FSA has said it is aware that some Appointed Representatives ...