FSA has unlicensed mortgage firms in its sights

A statement issued yesterday by the Financial Services Authority says its ‘perimeter’ project team – which contains members of the supervisory and enforcement staff – will now begin investigating companies which it believes may be advising clients and arranging mortgages without FSA authorisation. The FSA had earlier stated it would give firms a grace period to settle and gain confirmation of their authorised status, after the implementation of new mortgage regulation on 31 October 2004, as not all firms had managed to complete authorisation in time for the new rules. That period of r...