GISC warned its members of the need keep notifying it of material changes to companies in the run-up to FSA regulation.
It said inconsistencies in company information held by GISC and the FSA could lead to a delay in authorisation or the withdrawal of a ‘minded to authorise' letter.
GISC said it was important to keep it informed of changes to members as it was often asked by the FSA for information on companies applying for authorisation.
It warned that if there were inconsistencies in the information, the FSA had the right to withdraw authorisation even if a firm had been issued with a ‘minded to authorisation' letter.
GISC said it needed to be informed of the sale or acquisition of a business, a change in the status of the legal entity, or a change in the company or trading name.
