We set out our 2024/25 performance against 52 operating service metrics. Some are voluntary, such as our Supervision Hub metrics. Others are set by the Financial Services and Markets Act 2000 (FSMA). We also report on other legislative requirements, including the Freedom of Information Act, the Payment Services Regulations and Electronic Money Regulations.
We categorise these standards into 5 areas:
- Open communication[1]: We assess our performance through standards, such as the timeliness of our responses to consumers, firms, MPs and others.
- Enabling business[2]: Our standards capture how promptly we authorise firms and individuals.
- Regulating existing businesses[3]: Our standards assess, for example, how quickly we process requests for variation of permission.
- Listings[4]: We review and approve documents in connection with corporate finance transactions, assess listing eligibility for new applicants and provide guidance on our rules. We have voluntary targets for these services, in advance of statutory deadlines.
- Enforcement data[5]: This highlights the types of action that we take.
Download the 52 operating service metrics table 2024/25 (PDF)[6]
Summary
In 2024/25, we achieved or exceeded the targets set for 84.6% (green) of the 52 standards we measure, in 2023/24 this figure was 74.5% (green), and in 2022/23 it was 68.5% (green).
The areas where our performance is not meeting our minimum target has decreased significantly to 3.8% (red) in 2024/25, compared to 7.8% (red) in 2023/24 and 13% (red) in 2022/23.
We will add new measures and end redundant measures where appropriate.
From April 2024, to align with our other authorisation and registration processes, we started reporting a new cryptoasset metric. This metric requires us to process applications for registration from cryptoasset businesses under the 5MLD within 3 months of receiving a complete application.
Notable improvements in 2024/25 include:
- Our Customer Satisfaction (CSAT) score for Firm Satisfaction correspondence received from firms has improved this year, meeting our voluntary target of 80% (green), up from 76.9% (amber) last year.
- 96.7% (green) of complaints referred to the relevant business area were resolved within 10 working days in 2024/25, surpassing our 95% target and improving significantly from 86.9% (amber) in 2023/24.
- We have improved our processing of complete applications for authorisation and registration under the Payment Services Regulations (PSRs), with both now reporting green. Although EMR Authorisation was slightly under target 97.6% (amber) compared to our 98% (green) target, this is still an improvement on 90.1% last year.
- Notifications of a proposed change in control case decisions have improved year-on-year with all cases now meeting the 100% standard this year.
- This year, we have continued to improve most of our Authorisation operating service metrics with some areas requiring further improvement. To provide greater transparency of our performance we publish these metrics quarterly[7].
- Processing ‘approved person’ applications under the Senior Managers Certification Regime (SMCR) within 90 days was 99.5%, exceeding the 98% target each month.
- Enforcement achieved a range of outcomes this year to protect consumers, fight financial crime and strengthen wholesale markets.
- We banned individuals from working in financial services.
- Fined firms for serious failings related to financial crime controls and unfair treatment of customers.
- Secured prison sentences and confiscation orders for individuals convicted of insider dealing, fraud and money laundering offences.
- We also secured substantial redress for consumers through our enforcement action.
- Used our intervention powers to prevent harm and reduce financial loss to consumers.
- Cancelled the authorisation of firms that failed to meet our threshold conditions.
Areas for further improvement:
- Responding to requests for information from MPs within 15 days. We met this timeframe for 77% of requests against our target of 80%. We missed our target due to a high number of letters on a complex issue. But we have made significant improvements, achieving over 80% each month since August. This year we responded to 88% of requests within 20 days, up from 56.76% last year.
- This year we began reporting on the process applications for registration under the fifth money-laundering directive (5MLD). We missed our targets due to a few aged cases. These cases were affected by both regulatory and operational factors.
- The quarterly publication of the Authorisations metrics shows we are making marginal gains to our performance but we acknowledge that we are missing some targets therefore we remain committed to driving further efficiencies.