Greetings!
The FSA have had their heads turned recently on the future of regulation in the UK, but unfortunately July 2009 remains R-Day for the SARB market. I have heard speculation (or is it wishful thinking) from some that perhaps the FSA will realise it's all a big mistake and they will pull back. It's all brinkmanship from the government.
I am afraid the FSA train is moving and won't be stopping at any stations until the interim regime is in force. My one recommendation for this month is for all businesses to make their decision- stay, quit or adapt.
If you intend to stay in any form be it adviser, buyer or arranger then you must be authorised and you must address this now. There are no apparent exceptions and no workarounds. The FSA have indicated that they will be taking a hard line on businesses in the next 12 months because they fear that the interim regime may be abused.
If you use private investors then this will have to cease pre-authorisation unless they are directly authorised.
If you receive leads from intermedaries then you will have to ensure that they also have the appropriate permissions to do this work.
I would advise that now is the perfect time to take stock, assess your business needs and your future model. Talk to people; forge partnerships; develop adviser relationships- use us here at Wright & Wright.
All is not doom and gloom, however. Certainly we are committed to achieving the best results for our Clients in this period and beyond. This will mean obvious targeted and SARB-specific services such as conveyancing, compliance and title insurance. We also have some exciting new developments in,
Property Club structures
Tenant protection schemes
Funding and Investment structures
In our future mailings we will try to offer some specific points on these and more to whet your appetite!
