| Link(s): | FCA Authorisations operating service metrics 2024/25 Q3 | FCA FCA Authorisations operating service metrics Q3 2024/25 |
Context
In publishing its latest Authorisations Division operating service metrics, the FCA has said that it wants “…to make sure the UK is the best place in the world for financial services to thrive.” Clearly this is a continuation of its recent “it’s all about the growth” rhetoric. The published performance shows that sixteen metrics are green, one is amber and none are red, and that 99.3% of applications across all metric areas were determined within the statutory deadlines. Alongside these metrics, the FCA’s earlier statement perhaps indicates that the FCA believes that simply meeting its statutory deadlines for Authorisations is helping to make the UK a great place to come and do business as an authorised firm.
Key points to note and next actions
- The FCA states that the ‘attractive proposition’ includes “…providing an effective and efficient service whilst maintaining high standards to protect customers…”.
- Those who have experience of using the FCA’s authorisations service may see it is being far from efficient, and effective only at frustrating the applicant with a lack of sector-specific knowledge, the (apparent) inability for case officers to see documents that are attached to applications in the Connect system, and an apparent insistence on sticking to sets of questions which often have little relevance to the application being made.