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
| Activity | Lower Quartile | Median | Upper Quartile | Statutory Deadline |
|---|---|---|---|---|
| New firm authorisations | 63 | 112 | 192 | Within 180 days of receiving a complete application or 365 days of receiving an incomplete application. |
| Variation of permissions | 39 | 77 | 136 | Within 180 days of receiving a complete application or 365 days of receiving an incomplete application. |
| Change in control | 14 | 34 | 62 | Within 60 working days* of acknowledgement of receipt (s189(1)) |
| Senior manager approval | 27 | 40 | 58 | Within 90 days |
2023/24 values
Table: Time taken to complete determinations
| Activity | Lower Quartile | Median | Upper Quartile | Statutory Deadline |
|---|---|---|---|---|
| New firm authorisations | 63 | 111 | 199 | Within 180 days of receiving a complete application or 365 days of receiving an incomplete application. |
| Variation of permissions | 31 | 67 | 131 | Within 180 days of receiving a complete application or 365 days of receiving an incomplete application. |
| Change in control | 24 | 50 | 83 | Within 60 working days* of acknowledgement of receipt (s189(1)) |
| Senior manager approval | 27 | 41 | 63 | Within 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.