Explanatory note

Article 2 of this Order confers an interim permission on certain applicants who have applied to the Financial Services Authority (“the Authority”) for permission under Part IV of the Financial Services and Markets Act 2000 (c. 8) (“the Act”) to carry on certain mortgage mediation activities (viz. arranging or advising on regulated mortgage contracts) and whose application is pending on the date (31st October 2004) when those activities become (by reason of S.I.2003/1475) regulated activities within the meaning of section 22 of the Act.

Article 3 confers interim approval, in similar terms to those in article 2, on people who are working for a person who benefits from an interim permission and who would need approval under Part V of the Act.

Article 4 allows the Authority to modify, amongst other things, its rules in their application to persons with an interim permission or an interim approval.

Article 5 and the Schedule provide for the application of provisions in, or made under, the Act to persons with an interim permission or an interim approval, indicating where such provisions are to be treated as not including such persons.