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FCA application waiting times surge

FCA application waiting times surge

The Financial Conduct Authority (FCA) has revealed that its average processing time (APT) for retail and wholesale firm type applications has increased.

The regulator revealed that the maximum processing time for a retail firm application for a Part 4A permission during April to June 2016 stood at 74 weeks, compared to 50 weeks during the previous quarter. 

Last month the FCA revealed it would be looking to improve its authorisation process for consumer credit firms after receiving nearly 37,000 applications between April 2014 and 31st March this year.

Explaining the timeframe to process a solo-regulated firm application for a Part 4A permission, the FCA stated: “Our APT for both retail and wholesale firm type applications has increased as anticipated while additional temporary staff are brought in and trained. 

“We expect our APT to continue to increase in the next quarter as [the] additional staff become fully proficient. 

“We then expect to see our APT improve.”

The FCA’s comments come from its latest quarterly key performance indicators (KPIs) report, which provides relevant and transparent information on its regulatory decisions.

The watchdog did, however, reveal that it had not refused any applications during Q2 but the percentage of withdrawals had increased. 

The average time to process a waiver had also risen to 20.5 days from 18.1 days during the last quarter.

Waivers are variations to FCA Handbook rules, which mean you do not have to comply with a rule if waivers are granted. 

“There have also been a number of more complex applications closed within the period which have taken longer than average to determine.  

“This, in turn, has pushed up the average processing time.”

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