Information on asset management firms applications - November 2023

Re-run the data requested in FOI9665, in relation to asset management firms, to cover the period 2016 to the latest quarter available in 2023.

FOI9965 asked:

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 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?

We can confirm that we hold the requested information which can be found in the following tables:

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

When reading the data provided in Annexes A and B, please note the following:

• The provided information in Annex A represents only those applications which have been concluded and not any application which is ongoing. 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.
• The number and average wait time by days of Approved persons applications, only includes those submitted by authorised firms, not Appointed Representatives. Appointed representatives are persons or entities that undertake regulated activities and act as an agent for a firm directly authorised by the FCA.
• Firm Details include several Straight Through Processes, with no case officer allocation, therefore the average number of days will be very low.
• The significant increase in Waiver applications across Q4 2021 and Q1 2022 is due to the new MIFIDPRU regime, coming into force in January 2022. The general increase in average determination time for Waiver applications across 2022/2023 comes as a result of the MIFIDPRU 2.4.17R Group Capital Test (GCT) applications. For those GCT applications received by 01/02/2022, Authorisations have up to two years to determine them. As a result, a proportion of these case have aged over time, which accounts for the increase.
• The data we have provided reflects firms currently assigned to our Asset Management portfolio only (and does not include firms in our Alternatives Portfolio), noting therefore that some firms that were considered Asset Managers, at Authorisation or at any point, (for example when we provided the data under the previous FOI9665 request), have changed their business model and have been reallocated to other supervision portfolios since, so will not be captured. Subsequently, numbers may differ from previous requests. The provided data is accurate as of 8 November 2023.
• 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. Some firms will also have engaged with the FCA prior to applying about their application.