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FSA authorisation times up 13% since 2011

The time it takes for the FSA to authorise new financial services firms has increased by over two weeks since June last year.

A freedom of information request filed by law firm Reynolds Porter Chamberlain reveals authorisation for new companies took an average of 19.6 weeks in the first three months of 2012.

RPC says this represents a 13% increase since June 2011, when the average authorisation period was 17.3 weeks.

Steven Francis, partner at RPC, says: “Having to wait an inordinately long time for FSA approval has been a real bugbear in the financial services sector for the last two years.

“Authorisation times rocketed after the credit crunch as the FSA started to scrutinise the business plans for financial services start-ups to an unprecedented degree.

“The delays were starting to improve even though the FSA was still applying the same level of scrutiny but that is no longer the case.”

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  • Pissed Off IFA 7th June 2012 at 1:53 pm

    Is anyone going to fine the FSA for failing to keep upto date? They are quick to dish out £250 fines to firms that are having problems dealing with RMARs on time. A lot of these problems are caused by Gabriel inefficiencies.