Information on asset management firms - September 2023

Please provide: 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. From Q1 2021 to Q1 2023, broken down into quarters. 
2. I would also like to know the total wait time (average number of days), from when an application is submitted to the point a decision is made and the applicant is notified. From Q1 to Q1 2023, broken down into quarters. 

Clarification received: 

I want to confirm I'm looking for data related to both - the asset management portfolio and the alternatives portfolio. And I am seeking data on the total wait time where cases were closed within each quarter, irrespective of the receipt date of the application. 
 

We can confirm that we hold the requested information which is set out below in Annexes B and C. Please note that the full request can be found on Annex A. When reading the data provided, please note the following:

• The provided information in Annex C represents only those applications which have been concluded and not any application which is ongoing. The mean 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 involvement, therefore the average number of days will be very low. For example, updates to firm details.
• The significant increase in Waiver applications across Q4 2021 and Q1 2022 is due to the new MIFIDPRU regime, which came 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, the FCA 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 and Alternatives supervision portfolios, noting that some firms that were considered Asset Managers or Alternatives firms at Authorisation have changed their business model and have been reallocated to other supervision portfolios since and so will not be captured. The provided data is accurate as at 11 September 2023.
• The FCA does not have any target wait time for these application types and seeks to review and determine 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 about an application prior to applying.
• We are unable to provide details on the number of ‘change of legal status’ applications.  These are processed by the FCA as a new firm authorisation and separate cancellation application, and are included within the data provided for these two application types.