Brokers must not risk applying later than 13 July 2003 if they wish to be authorised by 14 January 2005, warned the FSA chairman Callum McCarthy.
Speaking at the Finance & Leasing Association (FLA) annual dinner last night, McCarthy said that while the FSA expected to turn around applications quickly, it could not be guaranteed.
“If I were senior management, I would not want to take the risk [of applying later than 13 July]. The message is: buy now while stocks last.”
McCarthy also said that the FSA would be publishing a guide to the rulebook at the end. “This is specially designed for smaller mortgage and general insurance firms. I hope it will make it much easier for such firms to find their way through the rulebook.”
