18/11/2011 - Application Errors Delay FSA Authorisation
Application Errors Delay FSA Authorisation.
According to the regulator, most of the applications received from prospective lenders are incomplete and this delays the authorisation process.
The FSA has received criticism that they were making it too difficult for new lenders to enter the market, but According to Sheila Nicoll, director of conduct policy at the FSA, they have a responsibility to make sure that they apply minimum, consistent standards to the wide range of firms that seek authorisation from them. This ensures that consumers can be confident that authorised firms are maintaining adequate capital, controls and governance arrangements.
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