The FCA has released its latest quarterly key performance indicators (KPIs) as at June 2016. The figures cover a range of matters including the time it takes the regulator to process applications, the number of applications determined and the distribution of decisions. These figures are released in relation to authorisations, variation of permission applications, payment services and e-money services and waivers.
The latest figures indicate that the:
- maximum processing time for an application for authorisation for a retail firm has increased from 50 weeks to 74 weeks. For a wholesale firm it has decreased from 55 weeks to 53 weeks;
- average processing time has increased for both retail and wholesale firms, to 23 weeks for retail firms and 30 weeks for wholesale firms;
- the average processing time for a wholesale variation of permission has increased from 15 weeks to 22 weeks and the maximum processing time has increased from 49 weeks to 56 weeks; and
- average processing time for a retail variation of permission has decreased from 14 weeks to 10 weeks, but the maximum time increased from 38 weeks to 44 weeks.
The FCA has stated, “Our APT (average processing time) for both retail and wholesale type firm 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 additional staff become fully proficient… We will then see our APT improve.”
View KPI Indicators Quarterly Report, 25 August 2016