Information on statutory notices - February 2023

1.1 How many recommendations to refuse an application for authorisation/registration under each of FSMA, the PSRs and EMRs were made to a Senior Staff Committee under Executive Procedures in the 12- month period 26/11/2021 to 25/11/2022?

42 recommendations to refuse an application for authorisation/registration were made between the period 26/11/2021 to 25/11/2022, broken down as follows:

FSMA-31 applications.

PSR – 4 applications.

EMR – 7 applications.

1.2 Of those number of recommendations revealed in answering question 1.1, how many were approved resulting in a decision to issue a Warning Notice?

37 of these recommendations were approved resulting in the decision to issue a Warning Notice, broken down as follows:

FSMA – 27 applications.

PSR – 3 applications.

EMR – 7 applications.

1.3 For both 1.1 and 1.2 above can you provide the same data for the previous 12 months (26/11/20 to 25/11/11/21) and the 12 months before that (26/11/19 to 25/11/20), under prior arrangements before the FCA moved some decision-making on statutory notices from the Regulatory Decisions Committee (RDC) to Executive Procedures?

We are unable to provide you with a further breakdown of these figures as we do not hold this information in the format requested.

2.1   Please provide the number of representations made under Executive Procedure between 26/11/2021 and 25/11/2022 in respect of Warning Notices proposing refusal of an application for authorisation/registration under each of FSMA, the PSRs and EMRs.

Of the cases a Warning Notice was issued, we received 7 representations, broken down as follows:

FSMA – 5 applications.

EMR – 2 applications.

2.2   Of the number of representations made above in 2.1, how many were successful and obtained authorisation?

Of the number of representations 1 was successful and obtained authorisation.  This was an application under EMR.

2.3   For both 2.1 and 2.2 can you provide the corresponding numbers in respect of representations made to the RDC between 26/11/2019 and 25/11/2020, and 26/11/2020 and 25/11/2021.

3.1   How many applications for FCA authorisation were submitted to the FCA from the following sectors, for the following periods of time 1/1/2020 to 31/12/2020, 1/1/2021 to 31/12/2021 and 1/1/2022 to 31/12/2022, respectively:

•      Wholesale

•      Payments

•      Digital Assets

•      Insurance Intermediaries

•      Mortgage Intermediaries

•      Claims Management Companies

•      Investment Intermediaries

•      Credit Limited Permission Firms

•      Credit Full Permission Firms

•      Consumer Credit Lenders

•      Consumer Investments

3.2     For those same sectors as listed in 3.1 above, how many applications for authorisation were withdrawn for the following periods of time, from 1/1/2020 to 31/12/2020, 1/1/2021 to 31/12/2021 and 1/1/2022 to 31/12/2022, respectively.

3.3   For those same sectors as listed in 3.1 above, how many applications for authorisation were refused for the following periods of time, from 1/1/2020 to 31/12/2020, 1/1/2021 to 31/12/2021 and 1/1/2022 to 31/12/2022, respectively.

We have given combined figures for firms that have been ‘refused’ and ‘rejected’ by the Financial Conduct Authority within the given time frame.

A ‘refused’ case is where we assess that an applicant has not met the standard for regulatory approval (e.g. the threshold conditions or the conditions for registration).  A ‘rejected’ case is where an applicant has failed to submit a certain amount of detail which would meet our definition of an ‘application’.  If we reject a submission, then the application fee is also refunded.

Firms also have the option of withdrawing an application, which is not counted in these figures.