RPC says that the average number of weeks it takes the FSA to decide whether to authorise a company to do financial services work jumped up from 11.4 weeks in Q1, 2009 to 19.5 weeks in Q1 this year.
It adds that before the credit crunch, in Q1, 2007, firms only had to wait an average of 7.5 weeks.
RPC regulatory partner Jonathan Davies says: “The FSA needs to come clean on why it is taking longer and longer to authorise financial services firms. Are they implying that they were not checking new applicants properly a year ago or are they just dragging their heels?
“If the FSA does not have the capacity to process applications properly then it should say so.”
Many of the 240 ex-Park Row advisers are still waiting for reauthorisation and have been unable to service clients since last November.
Davies adds: “Some of these authorisation decisions from the FSA might be breaching the maximum six month statutory limit the FSA is under.”