FCA posts improved SMCR approval times but AR permissions still lagging
The Financial Conduct Authority has revealed the average days taken in 2022-23 to process five key authorisations that affect brokers were within its target timeframes, but there is further to go to hit the statutory requirement for 100% of cases.
The FCA signed off on 92.5% of Senior Management and Certification Regime approved person applications within its legal target between January and March, according to the latest data. The information measured across the full regulatory landscape and did not provide a breakdown for insurance.
The watchdog has a three-month timeframe to deliver the SMCR service, and while the figure was below the 100% goal, it was ahead of the 87.9% achieved in the previous quarter and better than for the full
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Review of the Year 2024: Ageas’ Middle, Linklater, Clarke and Beckett
The senior Ageas team wish the term ghost broking is never uttered again, hope for a sustainable ecosystem for the repair and re-use of electric vehicle batteries, and consider what an insurance brokers showstopper might look like on Great British Bake Off.
Lycetts buys broker Cheviot
Lycetts has strengthened its presence in the North East, purchasing fellow Newcastle-based broker Cheviot Insurance Services.
FOS forecasts levy freeze at £70m
The Financial Ombudsman Service is planning to maintain its levy for 2025/26 at the £70m total set this financial year.
Drazen Jaksic named Zurich UK CEO as Bailey moves to global life role
Drazen Jaksic has been appointed Zurich UK CEO, moving across from being CEO of Zurich Benelux, as Tim Bailey switches to become CEO of the group’s new global life protection business.
FCA not seeking further headcount boost, says CEO Rathi
The Financial Conduct Authority is not “anticipating further significant growth” in headcount with the figure having risen from around 4,000 in 2020 to just over 5,000 today, CEO Nikhil Rathi has confirmed to the Treasury Committee.
Close Brothers to launch digital commission disclosure consent solution
Close Brothers Premium Finance has announced plans to launch a new digital solution to help brokers fulfill their commission disclosure consent obligations.
Flood Re promises more educational material for brokers in 2025
Flood Re is developing a series of new learning and educational materials for brokers and the wider insurance market for the new year, after recent changes to the scheme.
Simply Business names Julie Fisher as permanent UK CEO
Simply Business has appointed Julie Fisher as UK CEO having held the role on an interim basis.