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FSA Delays Approved Persons Regime for Mortgage Advisers - again!

Posted by Admin on 2012-10-04 12:59:08 BST

The FSA has announced a further delay to the introduction of the proposed CF31 function that would allow it to track individual mortgage advisers in the same way that it does for investment advisers.

The regulator had originally planned to bring the change into effect in March 2011, but this was delayed in December 2010 with a planned implementation date pushed back to 2012/13.

The additional delay has been blamed on the need to undertake 'essential IT upgrades' but will be seen by many as a sign that the FSA try to get its house in order before the FCA/PRA take over next year.  It looks as if the FCA will now have the pleasure of implementing this process, but when this will actually come about is anyones guess.