View more on these topics

Firms face longer wait for FCA approval

FCA interior 620x430

Financial services firms are having to wait longer to gain FCA authorisation, with one firm waiting 74 weeks to be approved.

In its latest key performance indicators report, published yesterday, the regulator says the average processing time for retail firm applications was around 25 weeks in the three months to June, up from around 23 weeks in the previous quarter.

The maximum processing time increased to 74 weeks from 50 weeks between January and March.

The FCA says it has hired temporary staff to help with processing applications but it expects processing times to increase in the next three months.

It says: “Our average processing time for both retail and wholesale firm type applications has increased as anticipated while additional temporary staff are brought in and trained.

“We expect our processing time to continue to increase in the next quarter as these additional staff become fully proficient. We then expect to see our processing time to improve.”

The regulator did not refuse any applications in the quarter but the number of firms that withdrew increased from 8 per cent from January to March to 11 per cent from April to June.

The minimum waiting time for authorisation was between one and three days.

Recommended

Hourglass-Deadline-Time-Clock-700.jpg
2

FCA slammed over six-month complaint handling delay

The FCA has come under criticism from the Complaints Commissioner after it took six months to respond to a complaint and failed to properly explain how it had improved its systems. The complaint centred around comments by the FCA’s mortgage sector manager at a panel debate in September 2015 which were then reported in the […]

FCA logo new 3 620x430
7

MPs demand leaner FCA with lower running costs

The Treasury committee has demanded greater transparency on the FCA’s running costs asking it to work towards becoming a smaller organisation. In a letter sent to FCA chairman John Griffith-Jones this week, committee chair Andrew Tyrie accused the FCA of not doing enough to implement a previous recommendation of the Parliamentary Commission on Banking Standards […]

4

For the FCA, does too big mean failure?

In the FCA’s short lifespan, it has seen a lot of change – at a market level but also internally. In the space of three years, the number of firms regulated by the FCA has more than doubled from 26,000 in 2013 to around 56,000 currently, with the number of approved persons regulated standing at […]

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.

thumbnail

What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment