Treasury has published exchanges of letters between Andrew Griffith and the FCA and PRA, in which he asked for an update on what the regulators had done to improve operational effectiveness. The responses focussed mainly on performance standard metrics on authorisation and SMCR applications – explaining what the regulators were doing to bring resolution times down while explaining the increasingly high standards they expect. FCA gave as an example of its more searching approach the fact that it now refuses a far higher proportion of applications than previously. Both regulators say they will move as fast as they can, but FCA noted it is no longer appropriate to set the same level of ambitious voluntary deadline as it has in the past.
