FSA keeps 600 'rogue' firms out of industry

The FSA says at the first stage of the authorisation process approximately 550 M&GI firms either withdrew or were refused permission to conduct business. At the second stage, where firms can appeal to the Regulatory Decisions Committee (RDC), around 60 firms withdrew or were refused and at the final Tribunal stage 11 firms withdrew or were refused. Andrew Honey, head of insurance in the small firms division of the FSA, says: “One year on from mortgage regulation, and nearing the anniversary of GI regulation, this is good news for the industry. It is essential that unfit firms are kept out...