FSA outlines recurring mistakes on broker applications

Below are a couple of the ‘it’ll be alright on the night’ bloopers delaying applications:

HSF Form 1

Section 1 – Application Fees

Mistakes are occurring here because firms do not notice the ‘000*’ outside the boxes. The result is they inflate their income by thousands of pounds. If you insert 500,000, your fee will be calculated on an income of £500 million.

HSF Form 2

Section C – Arrangements and controlled functions

Firms are applying for individuals to have every controlled function. Most controlled functions do not apply to most firms.