FSA authorisation time increasing, says RPC
The length of time that financial services firms are having to wait to get authorisation from the Financial Services Authority (FSA) continues to climb "inexorably", says law firm Reynolds Porter Chamberlain (RPC).
RPC says that the average number of weeks it takes the FSA to decide whether to authorise a company to do financial services work jumped 71% in the last year alone, up from 11.4 weeks (Q1 2009) to 19.5 weeks (Q1 2010).
It said that before the credit crunch began, firms only had to wait an average of 7.5 weeks (Q1 2007).
Jonathan Davies, regulatory partner at RPC, said: “Delays in authorising new entrants into the financial services market damage consumers by reducing competition. They also
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