We plan to speed up processes for firms and individuals seeking authorisation, recognising the potential this has to support UK growth and competitiveness.
Our aim is to deliver a quicker, more proportionate and predictable approach for firms, while maintaining high standards of entry into regulated financial services.
Some of these reduced timelines will be reflected in proposed statutory deadlines published and consulted on by the Government[2]. Others are voluntary targets that we have promised in a letter from our Chief Executive to the Chancellor (PDF).[3]
The package of targets includes:
- Statutory: New firm authorisations and variations of permission applications to be completed in 4 months (currently 6) for complete applications and 10 months (currently 12) for incomplete applications.
- Voluntary: For variations of permission applications where the new permissions closely align to the existing business model, the target will reduce further to 3 months for complete applications and 6 months for incomplete applications.
- Voluntary: Payments and e-money firm authorisations and registrations completed in 3 months (same) for complete applications and 10 months (currently 12) for incomplete applications.
- Voluntary/statutory: For senior manager regime applications, at least half will be completed within 35 days with a proposed statutory deadline of 2 months (currently 3) for all applications.
The targets also give firms some time to address feedback and remedy issues, reducing, but not eliminating, the risk of increased refusals.
Sheree Howard, executive director of authorisations at the FCA, said:
'We are taking forward the Government’s new proposals and are prepared to go further and faster to facilitate growth. In doing so, however, we will maintain a robust authorisations process that helps safeguard the integrity of the UK’s competitive financial services market while protecting consumers.'
We have significantly enhanced our application process, with 99% of applications now determined within statutory deadlines. Other improvements underway include the digitisation of application forms to make it easier to apply, supporting firms with quality applications to help meet deadlines, and enhanced firm communications.
We will measure performance against the proposed new statutory deadlines and voluntary targets from January 2026.