The deadline for submitting applications forms to the FSA has arrived. At the time of writing the FSA has not given an up-to-date indication of how many (or few) brokers have missed the cut-off date. There will no doubt be some.
What if the deadline is missed? The FSA says that it cannot guarantee processing the application in time for the start of regulation in January 2005. But that is not to say it cannot.
The regulator does not assess average processing times, but it is able to complete the assessment process within six months. However, with many applications being handled at present, the swift turn around that was initially witnessed will not be repeated now.
For brokers that have missed the deadline, luck will play an important part in whether they are authorised in time.
Michael Faulkner
If you have received a 'minded to authorise' letter, email:
michael.faulkner@instimes.co.uk
