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FSA slow to endorse new firms

The average time the FSA takes to authorise a company has risen by 71 per cent in the last 12 months, according to City law firm Rey-nolds Porter Chamberlain.

RPC says the average number of weeks it takes the FSA to decide whether to authorise a firm for financial services rose from 11.4 weeks in Q1, 2009 to 19.5 weeks in Q1 this year.

It says that before the credit crunch in Q1, 2007, firms only had to wait an average 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 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.”

Some of the 240 ex-Park Row advisers are still waiting for re-authorisation and have been unable to service clients since last November.

Davies says: “Some of these authorisation decisions from the FSA might be breaching the six-month statutory limit.”

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