FCA approval times worsen for new firms as overall picture improves
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
The regulator targets new firms to have their applications approved within six to 12 months, even if the forms are incomplete.
FCA staff approved 97.8% of applications in the 2021/2022 year-period within the target timeframe. That figure has now declined to 91.7% for January and February 2023.
The slowing approval rate is likely to concern brokers, with experts putting the average start-up cost at £250,000, meaning broking entrepreneurs will want to get trading as quickly as possible.
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