TheCityUK has published a report recommending actions that would improve the speed, efficiency and effectiveness of the PRA and FCA authorisation process. The increasing delays in the process are costing firms money and causing them to lose confidence in the regulators. There is also concern that the UK will lose its attractiveness as a place to do regulated business.
The report calls on the regulators to:
- adopt a more commercially-aware, efficiency-focused mindset
- be more transparent, by publishing more frequent, granular data and offering better guidance to firms; and
- enhance internal coordination and case management including better training for authorisations staff .