FSA warned not to stifle innovation
The length of time it takes the Financial Services Authority (FSA) to grant financial services firms permission to expand their businesses has more than doubled in the last year, says City law firm Reynolds Porter Chamberlain (RPC).
According to the firm's research on data released under a Freedom of Information Act request, the average number of days it takes for the FSA to approve a regulated firm's expansion plans - called a "variation of permission" - is up 130% to 81.5 days in the 12 months to September 30, from 35.5 days during the comparable period last year.
RPC said it believed the delays were caused by a combination of the FSA's recent more intrusive approach and increased staff turnover at the FSA.
Jonathan
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