The FSA's recently published figures show a significant shortfall in the number of intermediaries who applied for authorisation against the number who registered. Only 12,710 intermediaries applied compared to 8,624 registrations.

But these figures need careful interpretation. There are reasons for the shortfall beyond simply intermediaries' failing to apply in time for the deadline. Some will have registered and then decided not to apply. This may be because they do not think they need to be authorised or because they intend to sell their businesses.

There will nonetheless be some who have simply failed to get their application in time. Updated figures are to be published in early September, which will reveal how many intermediaries just missed the deadline.

Michael Faulkner

If you have received a 'minded to authorise' letter, email: