View more on these topics

FCA authorisations hit by consumer credit backlog


A backlog of consumer credit applications is the driver behind delays in the FCA’s authorisation process, insiders claim.

Money Marketing understands that in May the regulator took 18 weeks to appoint a case handler for authorisation applications, which it expects to drop to 14 weeks by the end of June.

This is a lag on the usual expected timeframe of eight to 10 weeks.

The FCA would not comment on the potential link between consumer credit applications – which the FCA took over processing from the Office of Fair Trading in April 2014 – and a slow-down in authorisations.

However, an insider says processing times were impacted by a high volume of consumer credit work.

In its June data bulletin, the FCA said that for the January to March period it took approximately 26 weeks to process an authorisation case for firms other than those carrying out consumer credit activities.

Threesixty managing director Phil Young says: “You put two-and-two together that there is a large volume of this kind of work and it is coming at the same time as authorisation timescales have shot up. Anecdotally they are reporting on far better times now to appoint a case officer from 22 weeks to 18 weeks. We would like to see that come down to the normal eight to 10 weeks.”

It is understood the FCA has boosted personnel in the consumer credit team with some staff training taking up to six months.



Savers ignoring FCA risk warnings on pension freedoms

Pension savers are showing total disregard for the FCA’s risk warnings that were brought in to protect retirees from the most damaging choices at retirement. New figures produced by Citizens Advice show just 1.6 per cent of people who received the warnings – which are delivered by providers – changed their mind as a result. […]

FCA interior logo 620x430

FCA charge five over £2.75m Madeira property fraud

Five people have been charged following an FCA investigation into boiler room companies that lost investors £2.75m. Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker, and Jeannine Lewis appeared before Southwark Crown Court charged with conspiracy to defraud. Two of the five are also charged with perverting the course of justice and one with money […]

FCA logo glass 2 620x430

FCA set to cave in on PPI claims deadline

The FCA is set to back calls from the banks for a two-year deadline on bringing claims for missold payment protection insurance despite warnings from its own staff. The Times reports internal FCA documents which suggest a shift in thinking at the regulator which supports the introduction of a cut-off date for PPI complaints. In […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm