Emma RadmoreFCA has published its authorisations metrics for the quarter ended March 2023. The metrics show that FCA is continuing to make progress towards meeting its targets, and that it has improved on the significant delays applicants for authorisation were facing in 2021 and 2022. Its key area of focus has been to increase scrutiny of applications at the gateway, which means that 20% of applicants in 2021/22 were not authorised, as opposed to only 1 in 14 the previous year, and this trend is continuing.
FCA currently has:
- 3 red categories, relating to authorisations of EMIs and PIs, and also on AR approved persons applications, but says this latter figure is due to many applications being submitted before the applicant had the necessary permissions to do so;
- 5 amber categories, relating to SMCR related approved persons applications, new firm authorisations, changes in control, MLR registration applications and notifications of UK PSR agents
- 8 green categories, meaning it is meeting its target in relation to VoPs, registrations of PIs and EMIs and related variations for PIs (it has received no applications for variations of registration from EMIs), and variation of authorisations from both PIs and EMIs and cancellations.
There is no statutory deadline for FCA to process AR notifications and mutual registration applications.