The FSA has again warned secondary intermediaries that they may need authorisation once regulation comes into force, or face criminal prosecution.
The FSA has received 13,210 applications for authorisation, said a report. But the majority of these come from mortgage or general insurance intermediaries, leading to growing fears that secondary intermediaries are unaware of the need for authorisation.
According to a report, the FSA’s Sarah Wilson said secondary intermediaries counted for just 2,378 of the applications received so far.
