The FSA has begun sending letters to authorised firms who have applied to conduct mortgage or general insurance business in addition to their current activities.
It said 1,320 of the ‘variation of permission’ (VoP) letters had been sent this week, 1,082 of which were sent in relation to mortgages, and 238 in respect of insurance.
Firms receiving a VoP letter are set to receive formal notification of their variation of permission for additional areas of business later in the year, unless the FSA baring any significant changes in the business or new information in the interim.
So far 4,056 authorised forms have registered to apply to vary their permission to carry on either mortgage or general insurance business, with 3,460 of those firms having submitted an application.
FSA high street firms division director Sarah Wilson, said: “This first dispatch of VoP letters marks further important progress in the authorisation process for mortgage and general insurance business.
“It runs in parallel with bringing a large number of new firms into regulation for the first time.
“From now on, VoP notices will be sent out regularly to existing FSA firms in the normal course of our authorisation work along with ‘minded-to-authorise’ letters to new firms.
