On 23 December 2022, the FCA updated its webpage on change in control.
The webpage now notes that the FCA has been experiencing delays in allocating notifications to case officers in recent months and currently it is typically taking between 2 and 4 weeks to allocate notifications.
The FCA will allocate the notifications as soon as a case officer becomes available, and then confirm whether it is complete as soon as possible.
Furthermore, the FCA highlights that it is a criminal offence to proceed with acquiring or increasing control in an authorised firm or its parent undertaking before requesting and receiving approval for the transaction (or before the statutory assessment period has expired).
Finally, the FCA reminds firms that, to avoid delays, to provide all relevant information and documents in their initial submission.