Authorisation process for the new home finance activities
FSA/PN/094/2006
22 September 2006
The FSA today publishes details of the authorisation process for firms that need to apply to be regulated for the new home finance activities (Home Reversions and Islamic compliant Home Purchase Plans) . This follows the Government's announcement last week that, subject to Parliamentary approval, the FSA can open its doors to applications from 6 November 2006, in anticipation of the new regimes starting on 6 April 2007.
Firms are encouraged to apply as soon as possible after that date to ensure that their applications are dealt with in time. After 6 April 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an Appointed Representative of an authorised firm to carry on home reversion or Ijara home finance business.
Roger Hillyer, Head of the FSA's Authorisation Department, said:
"Details of the authorisation process are published today to help firms apply for the new regulated activities which are just round the corner. All firms should act soon to ensure that they are ready in time."
How the FSA can help:
Information about how to get authorised is available on the How do I get authorised page.
Firms can obtain the authorisation forms on the website to see the information they need to start gathering and the plans they need to start making to be compliant by the time regulation begins. There are Frequently Asked Questions to help answer questions firms may have and, if still in doubt, firms can call the FSA Contact Centre on 0845 606 9966 (call rates may vary) where we have a dedicated team waiting to help them.
Notes for editors
- Firms which are already authorised by the FSA will need to apply for a variation of permission. Full details can be found on the Applying for a variation of permission pages.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.