16 Jun FCA Authorisations Update
We have been in discussion with the FCA about improvements in case allocation timescales. They have given us the following statement:
Corporate authorisations as a whole have benefitted from a more targeted approach and new processes. As well as having new resources, we are committed to allocating cases on a more consistent basis which is having a more positive impact.
In the Wholesale space we are currently allocating at c8-10 weeks, however we are currently concentrating on making decisions on “older” cases so this could slip, especially with holiday period coming up, before a further improvement is expected.
In the Retail space we are currently allocating at c17 weeks (excluding P2P, which is managed separately) and expect this to continue to improve, before levelling off over the summer, similarly because of the holiday period.
The up-to-date position for payments services and e-money applications. With the same caveats as Wholesale and Retail, we are currently allocating within two weeks of receipt.
We hope this information is useful to you in managing clients expectations.