FCA Authorisations Update October 22
Summary of Development
This update covers our progress on service standards for authorisations casework, outlining any areas where we are not meeting our statutory and voluntary timelines for authorisations, and sets out our strategy for closing any gaps. The Authorisations Division is the first point of contact for firms and individuals wanting to carry out regulated activities or be registered by the FCA. We operate a robust gateway to protect consumers and the integrity of markets but also recognise the importance of an efficient process to applicant firms and the competitiveness of the wider UK economy. That is why we publish and monitor our operating service metrics, ensuring transparency and accountability. We are meeting these standards in some areas and others are showing improvement compared to 2020/21.
The areas of authorisations casework where we were not meeting our statutory deadlines and/or voluntary targets in 2021/22 are:
Service metrics that are near target:
• Authorisation applications - Part 4A Permission (Statutory)
• Money laundering registrations (Statutory)
• Variation of permission (Statutory)
• Change in Control (Statutory)
Other service metrics:
• Approved Person Status (Statutory and Voluntary)
• Payment Services Regulations and Electronic Money Regulations (Statutory)
• Appointed Representatives (Voluntary)
• Mutual Society Registrations (Voluntary)
Link: https://www.fca.org.uk/firms/consumer-duty-information-firms