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The Financial Conduct Authority has announced plans to accelerate authorisation processes for firms and individuals seeking regulatory approval, citing the potential to support UK growth and competitiveness. The regulator said it aims to deliver a quicker, more proportionate and predictable approach whilst maintaining high standards of entry into regulated financial services.
The new targets include both statutory deadlines proposed by the Government and voluntary commitments outlined in a letter from the FCA's Chief Executive to the Chancellor. The package encompasses various types of applications across different timeframes.
Under the proposed changes, new firm authorisations and variations of permission applications would be completed within four months for complete applications, reduced from the current six months, and within 10 months for incomplete applications, down from 12 months. For variations of permission applications where new permissions closely align to existing business models, the target would reduce further to three months for complete applications and six months for incomplete applications.
Payment and e-money firm authorisations and registrations would be completed within three months for complete applications, unchanged from current targets, and 10 months for incomplete applications, reduced from 12 months. For senior manager regime applications, at least half would be completed within 35 days, with a proposed statutory deadline of two months for all applications, reduced from the current three months.
The targets also provide firms with time to address feedback and remedy issues, which the FCA said would reduce, but not eliminate, the risk of increased refusals.
Sheree Howard, Executive Director of Authorisations, FCA (Source: LinkedIn)
Sheree Howard, Executive Director of Authorisations at the FCA, said: "We are taking forward the Government's new proposals and are prepared to go further and faster to facilitate growth. In doing so, however, we will maintain a robust authorisations process that helps safeguard the integrity of the UK's competitive financial services market while protecting consumers."
The FCA has enhanced its application process, with 99% of applications now determined within statutory deadlines. Other improvements include digitisation of application forms to simplify the application process, supporting firms with quality applications to help meet deadlines, and enhanced firm communications.
The regulator will measure performance against the proposed new statutory deadlines and voluntary targets from January 2026.
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