FCA has updated its operating metrics for authorisations.
It notes the reasons why it was not meeting its metrics in 2021/22, which included that an increased scrutiny at gateway level meant that the number of firms it was not authorising was 1 in 5, rather than the previous 1 in 14. Following a reorganisation and the development of a strategic action plan that is now part implemented, FCA has reduced its caseload by 47% since December 2021 and plans to substantially meet its statutory service metrics by the end of 2022/23. It is now near target on authorisation applications, money laundering registrations, VOP applications and change in control applications. It is still particularly struggling on the CiC applications, but has managed a 20% caseload decrease and a 40% decrease in time taken to allocate a case officer.
On voluntary service metrics, FCA knows the 5 calendar day deadline for Approved Person/SIF applications is no longer achievable.
Finally, FCA is looking to make the application process and forms less complex, which it hopes will lead to fewer incomplete applications. One of the first forms it is looking to simplify is the form A for SMF applications, which it hopes to start beta testing soon.