| Link(s): | FCA sets faster targets for authorisations | FCA FCA letter to the Chancellor: KPIs and metrics for authorisations processes |
Context
The FCA has announced plans to speed up processes for firms and individuals seeking authorisation. The FCA’s aim is to maintain high standards of entry into regulated financial services at the gateway, but to deliver a quicker, more proportionate and predictable approach for firms. The FCA has also written to Rachel Reeves, Chancellor of the Exchequer, to inform her of the plans.
Key points to note and next actions
The package of targets includes:
- Statutory: New firm authorisations and variations of permission applications to be completed in 4 months (currently 6) for complete applications and 10 months (currently 12) for incomplete applications.
- Voluntary: For variation of permission applications where the new permissions closely align to the existing business model, the target will reduce further to 3 months for complete applications and 6 months for incomplete applications.
- Voluntary: Payments and e-money firm authorisations and registrations completed in 3 months (same) for complete applications and 10 months (currently 12) for incomplete applications.
- Voluntary/statutory: For senior manager regime applications, at least half will be completed within 35 days with a proposed statutory deadline of 2 months (currently 3) for all applications.
The targets also give firms some time to address feedback and remedy issues, reducing, but not eliminating, the risk of increased refusals.