Mortgage broker - FA ' no longer authorised'

tbumps

Hi

I thought I'd posted about this yesterday but can't find a post! I've been talking to several commercial mortgage brokers & there are a few who are keen to help us find a mortgage. I've checked them on the FSA website and one of them comes up as 'no longer authorised'. What does this mean? The FSA website says "A firm is no longer allowed to carry out certain types of business that we regulate."

Should I steer clear or is there a possible legitimate reason for this?

TB

dunstonh

I've checked them on the FSA website and one of them comes up as 'no longer authorised'. What does this mean?

It means they used to hold investment class authorisation but have now dropped that.

Mortgage brokers do not appear on the FSA register unless they own the company or hold other control functions. Ex IFAs and tied agents who are now mortgage advisers only will appear as no longer authorised.

Many full authorisation advisers have or are in process of dropping their full authorisation. Increasingly advisers are either specialising in investment class business or mortgage class business and not both.

Should I steer clear or is there a possible legitimate reason for this?

No reason to avoid at all. Seeing as mortgage advisers are not on the FSA register there is no reason to look there.

tbumps

Thank you so much for responding so comprehensively, I wondered whethere there was some reason like this (rather than being too paranoid about it).

TB

TEDDYRUKSPIN

dunstonh wrote: »

It means they used to hold investment class authorisation but have now dropped that.

Mortgage brokers do not appear on the FSA register unless they own the company or hold other control functions. Ex IFAs and tied agents who are now mortgage advisers only will appear as no longer authorised.

Many full authorisation advisers have or are in process of dropping their full authorisation. Increasingly advisers are either specialising in investment class business or mortgage class business and not both.


No reason to avoid at all. Seeing as mortgage advisers are not on the FSA register there is no reason to look there.

True but soon they will be!!!!! The FSA are working on this!!!!