The details for the Home Reversions and Islamic compliant Home Purchase Plans followed the government's announcement last week that, subject to parliamentary approval, the FSA can open its doors to applications from 6 November 2006, in anticipation of the new regimes starting on 6 April 2007.
Firms are encouraged to apply as soon as possible after that date to ensure that their applications are dealt with in time. After 6 April 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an Appointed Representative of an authorised firm to carry on home reversion or Ijara home finance business.
Roger Hillyer, head of the FSA's authorisation department, said: "Details of the authorisation process are published today to help firms apply for the new regulated activities which are just round the corner. All firms should act soon to ensure that they are ready in time."
