The Financial Services Authority (FSA) has confirmed members in good standing of the Mortgage Code Compliance Board (MCCB), General Insurance Standards Council (GISC) and Institute of Insurance Brokers Regulatory Council (IIBRC) will all receive due credit in the FSA authorisation process.
Sarah Wilson, director of the FSA High Street Firms Division, has sent a letter to each body informing them that their members are considered as, “posing a lower risk to statutory objectives” than similar applicants, and will “enjoy a smoother journey through the application process.”
The FSA will take into consideration the length of time an applicant has been a member of the relevant body and any resignations from these bodies will result in further scrutiny before authorisation.
Brad Baker, communications manager at the MCCB, said: “We are delighted and we will be supplying database information to the FSA so they may apply due credit. We expected this as the result of the FSA review of our processes.”