Thousands face looming applications deadline
The UK's top brokers have not yet received 'minded to authorise' letters.
As our table shows, Marsh, Willis and Aon are among those waiting for the letters that guarantee them the right to trade from 14 January 2005.
And with only two weeks left before the FSA deadline for applications, it seems that many thousands of brokers and secondsary intermediaries have yet to apply for authorisation.
By 31 May, the FSA had received 3,606 applications from insurance brokers and 2,178 applications from secondary intermediaries who sell insurance.
This date was the cut-off point for brokers to receive a discount on the FSA fees.
Only 5,810 insurance brokers and 5,292 secondary intermediaries have requested an appplication pack by this date, according to the FSA.
Insurance Times is compiling a list on its website (www.insurancetimes.co.uk) of brokers who have received a 'minded to authorise' letter.
To date, 320 brokers have contacted us and more were being added as Insurance Times went to press.
michael.faulkner@instimes.co.uk
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