FCA publishes authorisations metrics Q1 2023/24

FCA has published its authorisations metrics for the quarter ended June 2023.

FCA currently has:

  • 2 red categories, relating to authorisations of EMIs and PIs
  • 6 amber categories, relating to SMCR and AR related approved persons applications, new firm authorisations, changes in control, MLR registration applications, and registrations of PIs
  • 8 green categories, meaning it is meeting its target in relation to VoPs, registrations of EMIs, variations of registrations for PIs (it has received no applications for variations of registration from EMIs), variations of authorisations from both PIs and EMIs, notifications of UK PSR agents, and cancellations.

There is no statutory deadline for FCA to process AR notifications and mutual registration applications.

The figures above are a small improvement on the data FCA published for Q4 2022/23, where it had 3 red categories and 5 amber categories. Notifications of UK PSR agents moved from amber to green, and AR related approved persons applications moved from red to amber. FCA also noted that 3 of the amber metrics are now within 1% of becoming green – these are AR related approved persons applications, new firm authorisations, and changes in control.

The metric for registrations of PIs was green in the previous quarter, and is now amber. FCA highlighted that this is a low volume area and the reduction was due to one application being determined after the statutory deadline.

Laura Wiles