Towergate Underwriting Group is still waiting on the Financial Services Authority (FSA) to deregister Folgate Insurance as an underwriter.Towergate had expected the deregistration, which will allow it to forge ahead with its new venture the Folgate Partnership, by the end of March.

Spokesman Paul Dyer said the Easter holiday had held up the FSA, but he expected the deregistration to come through in about three weeks.