Reference Case Number: FOI8693
Freedom of Information: Right to know request:
I would like to know the number of Applications for Authorisation/Part 4a Permission that have been rejected per month since 1 January 2020 to 30 September 2021.
These are rejections based on an applicant firm failing to meet the criteria set out in Section 55 of the Financial Services and Markets Act 2000.
FCA response:
In relation to the information you have asked for and by way of context, applications can be approved, refused, rejected or withdrawn. Most firms that would be refused prefer to withdraw their application rather than receive a formal refusal, so refusals are rare. Applications that are filled in incorrectly (e.g. the wrong application form) are rejected – this happens prior to scrutiny. Withdrawals could be a result of a firm-led decision (e.g. they change their mind); or FCA-led (e.g. firm is not fit and proper so they move to a withdrawal). The exact split between these varies, and is not always easy to discern, but firm-led make up at least 50% of withdrawals. Both types are included in the figures below.
Figures are for solo-regulated FSMA and payment services firms who have had applications for new authorisation decided between Jan 2020 and Sep 2021.
|
Month |
Cases rejected |
Cases refused |
Cases withdrawn |
|---|---|---|---|
|
2020-01 |
20 |
0 |
40 |
|
2020-02 |
12 |
0 |
40 |
|
2020-03 |
9 |
1 |
36 |
|
2020-04 |
4 |
0 |
39 |
|
2020-05 |
5 |
1 |
43 |
|
2020-06 |
4 |
0 |
60 |
|
2020-07 |
8 |
0 |
76 |
|
2020-08 |
4 |
0 |
40 |
|
2020-09 |
3 |
0 |
64 |
|
2020-10 |
4 |
0 |
57 |
|
2020-11 |
8 |
0 |
61 |
|
2020-12 |
17 |
0 |
50 |
|
2021-01 |
20 |
2 |
54 |
|
2021-02 |
7 |
0 |
47 |
|
2021-03 |
5 |
0 |
31 |
|
2021-04 |
10 |
0 |
31 |
|
2021-05 |
10 |
0 |
21 |
|
2021-06 |
12 |
0 |
11 |
|
2021-07 |
5 |
0 |
8 |
|
2021-08 |
12 |
0 |
0 |
|
2021-09 |
11 |
0 |
2 |