Information on asset management firms applications

Reference Case Number: FOI9665

Freedom of Information: Right to know request:

I am requesting the following information on the wait time for the following applications in the Financial Conduct Authority for asset management firms.

Applications:

Authorisation for firms
Approved persons
Change in control
Variation of permission
Waivers and modifications
Change of legal status
Firm details
Cancel an authorisation

1. The number of the above applications the FCA received during the dates listed below relating specifically to asset management firms between 2016 and 2022.

2. I would also like to know the total wait time (average number of days) of the above applications over the time periods I requested below . From 2016 to 2022, broken down into quarters.

3. Can I also find out the wait time (average number of days) of each process of the application (e.g. officer appointment, check the application, assess the business, make a decision, etc) for each application listed above over the following time periods. From 2016 to 2022, broken down into quarters.

4. Lastly, could you provide the target total wait time of the above applications?

FCA response:

Questions 1 and 2

Please find the requested information in the following tables below:

Annex B (Number of asset management applications)
Annex C (Average wait time by days for: approved persons, cancellations, changes in control, firm details, new firm authorisations, and variation of permissions)
Annex D1 (Number of waivers)

Annex D2 (Average wait time by days for waivers

Please note that the provided information represents only those applications which have been concluded and not any application which is ongoing – for this reason, we do not for example hold relevant data for Q2 and Q3 of 2022 in relation to new applications. The average number of days described is the elapsed time between receipt and determination of an application, including where we have stopped the ‘clock’. This applies to those application categories where we are permitted to pause the clock that counts the relevant days towards the statutory determination times in order to ask for further information.

Additionally, regarding question 2, because of a change to our systems in 2018, the amount of analysis and reconciliation needed to provide pre-2018 waivers information would be tantamount to creating new information, which we are not required to do under FOIA.

The data we have provided reflects firms currently assigned to our Asset Management supervision portfolio, noting therefore that some firms that were considered Asset Managers at Authorisation have changed their business model and have been reallocated to other supervision portfolios since so will not be captured. The provided data is accurate as at 30 September 2022.

Question 3

We do not systemically record this information. Whilst we may hold some relevant information, the amount of analysis and reconciliation required to respond, would amount to the creation of new information, which we are not required to do under FOIA.

Question 4

The FCA does not have any target total wait time for these application types and seeks to review all applications as promptly as it can. However, legislation does define certain statutory maximum determination times, such as those set out at section 55V of the Financial Services and Markets Act 2000 (as amended) for those seeking Part 4A Authorisation for a new firm. The statutory determination times also differ depending on whether a complete or incomplete application is submitted. The FCA publishes an annual report on its website of how it has performed against those obligations set out in statute: https://www.fca.org.uk/data/fca-operating-service-metrics-2021-22[1]. Some firms will also have engaged with the FCA prior to applying about their application.