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FCA authorisation times fall

FCA building FCA feesThe amount of time that the FCA takes to authorise new retail firms has fallen for the fourth quarter in a row.

Data released by the regulator today shows that the average time taken to process applications has dropped from around 25 weeks in the second quarter of last year to around 15 weeks for the first three months of 2017.

The maximum processing time recorded was 65 weeks, up from 51 weeks in the previous three months. However, this is still lower than the 90 weeks and 74 week maximums recorded for July to September and April to June last year respectively.

The amount of time it took firms to vary their permissions also fell.

The FCA noted that there was a “large variation” in how long it took to handle cases though.

Average processing times for both wholesale and retail firms both dropped, with the fastest being processed in less than three days.

Last June, Money Marketing reported that a backlog of consumer credit applications at the FCA had led to an increase in some authorisation times.

The regulator bought in temporary staff last year to help deal with authorisations.

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