We report our authorisations metrics quarterly to provide greater transparency of our performance. This data covers April to June 2023.
We want to make sure the UK is the best place in the world for financial services to thrive. This involves providing an effective and efficient service whilst maintaining high standards to protect customers and to bolster the reputation of the UK market.
The data shows that we continue to make good progress towards meeting all our service level targets.
Our performance shows 8 metrics are green, 6 are amber and 2 are red. Three of the amber metrics are improved and are within 1% of becoming green.
One metric which was green last quarter is now amber. This is in a low volume area and was due to one application being determined after the statutory deadline.
We will publish our performance for the second quarter of 2023/24 in November 2023.
Notes on the metrics and methodology
These metrics are for solo-regulated firms. The FCA and the Prudential Regulation Authority work closely to authorise dual-regulated firms. The metrics for the authorisation of dual-regulated firms can be found on the Prudential Regulation Authority’s website.
We publish the lower quartile, median, and upper quartile of the range of calendar days taken for determination in each category of application. This shows that most applications are determined significantly ahead of the statutory deadline. Complete and comprehensive applications are likely to be determined in good time.
The increasing complexity of some cases means that we will not always meet our statutory targets. In these cases, it is right that we take the time to make sure there is greater scrutiny and engagement with the firms involved. We also continue to see too many incomplete and poor-quality applications. Firms should see our Authorisation pages for guidance.