The time has come for brokers to decide how they will be authorised, but the FSA will not hold brokers' hands in the run up to January 2005.
That was the message was from FSA high street firms director Sarah Wilson.
Wilson, speaking at the CII conference today, said that following the publication of the final rules on capital requirements and appointed representatives, PS174 and PS159, brokers were now in a position to decide on their response to regulation.
Brokers could choose direct authorisation, possibly as principles, appointed representative status or stop regulated activities altogether, she said.
"We are expecting many thousands of firms to take the direct authorisation route."
But Wilson dismissed suggestions that the FSA could produce templates of documents to help firms achieve compliance.
"It is not an appropriate role for the FSA. To maximise the chance that firms can innovate and that senior management can run their own business we do not need to get involved at this level."
Wilson added that there was scope for parts of the industry to get together and develop templates for certain issues.
