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FSA authorisation times up 13% since 2011

The time it takes for the FSA to authorise new financial services firms has increased by over two weeks since June last year.

A freedom of information request filed by law firm Reynolds Porter Chamberlain reveals authorisation for new companies took an average of 19.6 weeks in the first three months of 2012.

RPC says this represents a 13 per cent increase since June 2011, when the average authorisation period was 17.3 weeks.

RPC partner Steven Francis says: “Having to wait an inordinately long time for FSA approval has been a real bugbear in the financial services sector for the last two years.

“Authorisation times rocketed after the credit crunch as the FSA started to scrutinise the business plans for financial services start-ups to an unprecedented degree.

“The delays were starting to improve even though the FSA was still applying the same level of scrutiny but that is no longer the case.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Why is anyone surprised at this, the regulator had devoted an inordinate and inappropriate level of resources to implementing RDR and shafting the IFA community left right and centre to the detriment of its core duties.

  2. It suprise’s me that they do it that quick ! after all registrations have been moved the to broom cupboard at Canary Wharf, the vast majority are sat about making stupid rules drinking tea and scoffing hobnobs bathing in the cash they get from us. Maybe the guy from the CII will move over there and teach them how to drink properly as they obviously can’t orgainse a good p**s up themselves.

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