We use authorisation to prevent harm to consumers and support growth. We make sure that all firms seeking authorisation meet minimum standards, including, threshold conditions under the Financial Services and Markets Act 2000 (FSMA).
We also check that individuals are fit and proper to carry out their roles in line with our rules and principles.
We publish quarterly operating service metrics[1] for each authorisation category. These show the lower quartile, median and upper quartile for the number of calendar days taken for determination. Most applications are determined well within the statutory deadline. Applications that are complete and of good quality are more likely to be processed quickly.
The metrics below are based on our current statutory timelines. In 2025/26, we also began reporting against new voluntary targets, as set out at the link above.
Contents
- Authorisation applications: determining a new firm’s authorisation (Part 4A FSMA 2000) for a completed application within 6 months or an incomplete application within 12 months
- Approved persons status: determining approved person applications within 3 months unless it is attached to a firm’s application for authorisation (Part 4A permission)
- Authorised Unit Trusts (AUT), Open-ended Investment Companies (OEIC), and Authorised Contractual Schemes (ACS): applications to authorise types of UK-based collective investment schemes
- Payment Service Regulations and Electronic Money Regulations: applications for authorisation and registration as a payment services firm or issuing electronic money
- Applications for agents of payment services firms to be included on the register
Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend.
Authorisation applications
We have a statutory requirement to determine an application for new firm authorisation (Part 4A permission of FSMA) within 6 months of receipt of a complete application or within 12 months of receipt of an incomplete application. A few cases may need extra time for greater scrutiny or engagement to ensure we meet our objectives effectively.
Our target is to complete process 98% of applications within the timeframe, which we met this year.
This reflects improved applicant readiness, supported by clearer guidance and increased pre-application engagement.
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Approved persons status
A firm applying to carry on regulated activities must also apply under Part V of FSMA for approval of one or more individuals to perform controlled functions (its ‘approved persons[2]’). We must be satisfied that approved persons have the honesty, integrity, good reputation, competence, capability and financial ability to perform their role and comply with conduct rules set out in the Handbook.
SM&CR applications
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We have continued to meet our target by determining 99.7% applications within the 3-month timeframe.
Authorised Representatives Regime applications
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We have a statutory requirement to process applications for approved person status within 3 months for applications submitted by an authorised firm under the appointed representative regime.
We improved our score this year and met our target. We determined 99.3% of applications within the 3-month timeframe.
This reflects consistently strong operational performance in a high-volume area, with well-established processes supporting timely assessment while maintaining the robustness of our fitness and propriety checks.
Authorised unit trusts (AUT), open-ended investment companies (OEIC) and authorised contractual schemes (ACS)
FSMA and OEIC Regulations require us to process applications for the authorisation of new schemes within 6 months of receiving a complete application or within 12 months of receiving an incomplete application.
New scheme applications (statutory)
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We processed 100% of authorisation applications for new schemes within the 6 or 12-month timeframes.
New scheme applications (voluntary)
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We processed 100% of applications within their respective timeframes.
We are required to process applications for authorisation of UK undertakings for collective investment in transferable securities (UK UCITS) within 2 months.
We aim to process applications to authorise non-UCITS Retail Schemes (NURS) within 2 months and qualified investor schemes (QIS) within 1 month. These are voluntary targets.
This year, we introduced a voluntary 3-month target for applications for Long-Term Asset Funds (LTAF), a type of open-ended authorised fund. Graph A3.1 now combines LTAFs with other fund types.
Payment Services Regulations and Electronic Money Regulations
Under the Payment Service Regulations 2017 and Electronic Money Regulations 2011, we aim to process 98% of complete applications for authorisation, registration or variation within 3 months of receipt. For incomplete applications, the timeframe is within 12 months of receipt.
PSR authorisation
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Our performance for authorising payment service firms fell to 93.5% in 2025/26, down from 98% in 2024/25. We missed the deadline in 2 out of 31 cases in 2025/26.
We receive a low volume of applications in this area. Where volumes are low, a small number of cases determined past deadline can mean we miss our target. This year, we missed our target due to a small number of cases with specific operational issues, or where we needed more time to achieve an appropriate regulatory outcome.
EMR authorisation
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Our performance for authorising electronic money providers within 3 months fell slightly to 95.7% in 2025/26, from 97.6% in 2024/25. We missed the deadline in 2 out of 46 cases in 2025/26.
We receive a low volume of applications in this area. As a result, we missed our target due to a small number of cases affected by case specific operational issues or where more time was needed to achieve an appropriate regulatory outcome.
PSR registration
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We have slightly improved in our performance registering payment services firms to 98.7% in 2025/26 from 98.3% in 2024/25.
EMR registration
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We maintained our performance this year by processing 100% of registrations under Electronic Money Regulations within the required timeframe.
PSR variation of registration
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We have maintained our performance by processing 100% of applications for variation of registration for Payment Service firms within the required timescale.
EMR variation of registration
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We have not received any applications to vary registration requirements under Electronic Money Regulations in 2025/26 so have no performance data to share.
PSR variation of authorisation
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We have maintained our performance in processing all applications for variation of authorised permissions for Payment Service firms.
EMR variation of authorisation
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We have maintained our performance in processing all applications for variation of authorised permissions for electronic money providers within required timescales.
Applications for agents to be included on the register
We have a statutory requirement to process 100% of applications for UK agents of payment services firms to be included on the register within 2 months of receipt.
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We have continued to meet our target and improved our performance.