FCA fails to hit target for over half of AR applications
The Financial Conduct Authority only met its processing speed target for 44.7% of appointed representative notifications in 2021/22, the watchdog has revealed.
The FCA detailed that it has a voluntary target of processing 95% of complete notifications for AR status within five working days of the request.
The low achievement in 2021/22 was even worse than the year before when it only delivered on time for 48.1% of notifications.
The regulator cited that the introduction of the Senior Managers and Certification Regime for solo-regulated firms and the subsequent impact of the coronavirus had driven sustained staff pressure across the teams in high
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