OE-M05

OE-M05: FCA Authorisations Operating Service Metrics

Description

Quartiles for time taken to complete determinations for:

  • New firms
  • Variation of permissions
  • Change in Control
  • Senior Managers

Q4 2024/25 - Determination times (days)

2024/25 values

Table: Time taken to complete determinations

ActivityLower QuartileMedianUpper QuartileStatutory Deadline
New firm authorisations63112192Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.
Variation of permissions3977136Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.
Change in control143462Within 60 working days* of acknowledgement of receipt (s189(1))
Senior manager approval274058Within 90 days

2023/24 values

Table: Time taken to complete determinations

ActivityLower QuartileMedianUpper QuartileStatutory Deadline
New firm authorisations63111199Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.
Variation of permissions3167131Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.
Change in control245083

Within 60 working days* of acknowledgement

of receipt (s189(1))

Senior manager approval274163Within 90 days

Source: FCA Authorisations operating service metrics

*Clarification on Change in Control

The statutory deadline is 60 working days (at least 84 calendar days) after receiving a ‘complete’ notification. We can pause the process once during that period, for a maximum of 30 days, to request further information from the applicant. To allow easier comparability with the other rows, the days reported in the lower quartile, median and upper quartile are not working days, but the total number of calendar days between receipt of a notification, complete or not, and our determination. Where we receive an incomplete notification, the elapsed period between receipt and determination will include the period in which we are seeking, or waiting to receive, the missing information.