Context
The FCA has published its authorisations service metrics data covering January to March 2023. In the interests of transparency, and so the FCA can be held to account on its performance, it is now publishing data on its authorisations service metrics quarterly.
Key points to note
In 2021 and 2022 applicants for authorisation and registration were experiencing delays. The FCA’s performance has improved following significant investment, having hired 159 extra staff and making better use of technology and data to automate parts of its processes.
The data for the final quarter of 2022/23 shows it continues to make progress towards meeting its service level targets, with 8 performance metrics being green, 5 being amber and 3 red. The FCA note that its metrics involve a time lag, so do not reflect current performance and it expects to see further improvements in the near future.
The FCA is increasing scrutiny of applications at the authorisation gateway, resulting in the number of new firm applicants not being authorised in 2021/22 increasing to 1 in 5 from 1 in 14 in the previous financial year. This has continued through 2022/23.
To increase transparency, the FCA is now publishing the lower quartile, median, and upper quartile of the range of calendar days taken for determination in each category of application. This shows that most applications are determined significantly ahead of the statutory deadline. Complete and comprehensive applications are likely to be determined in good time.
It is however stopping reporting voluntary metrics for approved persons, appointed representatives, and mutual registrations due to the additional checks at the gateway.
Next actions
None – for information and awareness.