The Financial Services Authority has published details of the authorisation process firms that wish to conduct Home Reversion and Islamic mortgages will have to complete.
The government announcement last week that, subject to parliamentary approval, the FSA can open its doors to applications from 6 November 2006, in anticipation of the new regimes starting on 6 April 2007. The FSA wants to encourage firms to apply as soon as possible after that date to ensure applications are dealt with in time. After 6 April 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an appointed representative of an authorised firm to carry on home reversion or Ijara home finance business. Information about how to get authorised is ...
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