We report our performance for 2025/26 against 50 operating service metrics. These show how we perform over time in key operational areas. This includes supporting firms through authorisation processes and responding to consumer queries through our Supervision Hub.
Some metrics 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 (FOIA), the Payment Services Regulations and Electronic Money Regulations.
We categorise these standards into 5 areas:
- Open communication: We assess how well we communicate, including the timeliness of our responses to consumers, firms, MPs and others.
- Enabling business: We measure how quickly we authorise firms and individuals.
- Regulating existing businesses: We assess how quickly we process requests, such as variation of permissions.
- Listings: We set voluntary targets, ahead of statutory deadlines, to review and approve documents linked to corporate finance transactions, assess listing eligibility for new applicants and provide guidance on rules.
- Enforcement data: This highlights the types of enforcement action we take.
Download the 50 operating service metrics table 2025/26 (PDF)
Summary
In 2025/26, we met or exceeded targets for 46 of the 50 metrics reported, demonstrating strong overall performance and continued progress across our key measures.
A data discrepancy relating to calculating case closure dates based on working days instead of calendar days affected our reporting of Fourth Money Laundering Directive (4MLD) and Fifth Money Laundering Directive (5MLD) cases. We have removed these from our 2025/26 reporting. As a result, we cover 50 metrics, rather than the 52 reported previously. Compliance figures in previously published data, including quarterly authorisations updates and annual service metrics reports, may contain some inaccuracies. The lower, median and upper quartiles in quarterly reporting remain accurate.
Despite this reporting issue, performance against the metrics reported this year remains strong with only 4 metrics falling below target.
Key improvements
- We met our target for processing new applications for permission as FSMA regulated firms. We achieved 98% in 2025/26, up from 96.6% in 2024/25. This reflects better applicant readiness, supported by clearer guidance and increased pre-application engagement.
- We improved processing of applications for approved person status under the Appointed Representatives regime. We determined 99.3% of cases within 3 months, up from 97.8% in 2024/25. This reflects consistently strong operational performance in a high-volume area, with well-established processes supporting timely assessment while maintaining the robustness of fitness and propriety checks.
- We increased the pace and focus of enforcement work. We delivered 10 public outcomes within 16 months or fewer since July 2024. As at 31 March 2026, there were 127 open enforcement operations (130 in [MS4.1]2024/25). We also achieved strong outcomes, including 30 Final Notices, 17 criminal convictions, criminal charges against 10 individuals, fines of over £129m, and £82.1m secured for consumers and investors. We cancelled 1,264 firm authorisations and delivered 148 intervention outcomes.
- We have improved how we handle MPs’ letters and exceeded our targets. We received 574 letters in 2025/26, up 32% from 435 in 2024/25. We responded to 90.8% of letters within 15 days (up from 77.5% in 2024/25) and 98.8% within 20 days (up from 88%).
Areas to continue our progress
Our metrics for authorisation of payment services and e-money firms fell slightly this year. This was due to a small number of cases with specific operational issues or where we needed more time to reach the right regulatory outcome.
- We determined 93.5% of applications for authorisation of payment service firms within the deadline in 2025/26, down from 98% in 2024/25; 2 out of 31 cases missed the deadline.
- We determined 95.7% of electronic money providers within the deadline, down from 97.6% in 2024/25; 2 out of 46 cases missed the deadline.
The quarterly publication of the authorisation metrics shows we are maintaining performance against metrics we have been reporting on over the past year. We have also introduced new voluntary targets from Q3 2025/26, to support further improvement.
We achieved a strong satisfaction score of 79.3% for consumer correspondence, in line with the previous year demonstrating continued commitment to service quality. This is slightly below our 80% target but provides a solid foundation for further improvement.
Consumer feedback shows we can improve how we explain our remit and responsibilities. In particular, we can give clearer guidance on issues such as recovering losses from scams and signpost consumers to the right support. This should help us improve satisfaction further.
Updates to 2023/24 and 2024/25 reported figures
We have updated a small number of metrics from 2023/24 and 2024/25, as set out below, to reflect improved calculation methods. These changes do not materially affect performance but provide more accuracy.
- Supervision Hub consumer satisfaction (telephony) and firm correspondence scores were 0.1% higher than previously reported. Supervision Hub firm satisfaction (telephony) was 0.4% lower than reported.
- Scores for acknowledging complaints and completing investigations were revised by between 0.1% and 0.7% across 2023/24 and 2024/25. These changes included both increases and decreases.