The FSA has failed to meet over a third of the benchmarks it uses to measure its service levels.
Last week, the FSA published its performance account showing how it measured against 54 statutory and voluntary service standards between October 1, 2010 and March 31, 2011.
The FSA figures show 38 per cent of its service targets were not met. The regulator effectively met its statutory target to pro-cess all applications for app-roved person status within three months, with 99.9 per cent of cases meeting this target.
But it fell short of its voluntary target to process 85 per cent of approved person applications within five or 10 days, with just 74 per cent of cases being pro-cessed within this time.
The FSA aims to provide a substantive response to correspondence from firms relating to questions about fees within 12 working days of receipt in 90 per cent of cases. It missed this target, with 85 per cent of firms receiving a timely reply.
The FSA says: “It is vital we make the right regulatory decisions and this means some transactions take longer.”