FCA has updated its operating service metrics to include performance from the periods October to December 2022 and January/February 2023. FCA notes that the latest metrics show 12 green, 5 amber and 2 red – whereas 6 were red in 2021/22. FCA expects to see continued further improvement and be substantially meeting the targets by the end of March 2023. It has continued to recruit permanent staff into its authorisations team, and caseloads have fallen and are approaching more sustainable levels. FCA also reports reductions in the time taken to allocate cases to case officers and improvements in its communications with applicants.
Of the areas not meeting targets, FCA highlights:
- Approved Persons – now amber but significantly improved from 2021/22
- Change in Control – now very close to target, with allocation of applications within around 3 days of receipt at present, with FCA expecting to allocate within a day by the end of March
- New firm authorisations – FCA expects to meet this by the end of March except for particularly complex cases or those where the applicant requests a delay
- Payment services and e-money related applications – where FCA continues to see incomplete and poor quality applications