The FSA said GISC members will be in a good position to apply for FSA authorisation - and could expect to pay less in the process.
In an open letter to GISC, the FSA's Managing Director of the Consumer, Investment & Insurance Directorate, John Tiner, wrote "Those firms which are in compliance with GISC rules should expect to be in a good position to transition to statutory regulation under the FSA and to receive due credit in the process of applying for authorisation."
He then went on to confirm that the tariff of authorisation fees would be set in such a way as to encourage early, electronic-based applications and that the FSA "is willing to work closely with GISC to enable an orderly process of transition to statutory regulation for its members". This "... should facilitate its members being able to benefit from these tariff arrangements" wrote Mr Tiner.
