The FCA has published its service standards for November 2015. Its service standards are the levels of performance that it aims to meet when carrying out its regulatory functions. These include voluntary commitments and the statutory commitments in the Financial Services and Markets Act 2000 (FSMA), as well as other legislation.
Of the 70 service standards, the FCA met the minimum requirements for 64 (91%). Of the 64 where it met the minimum standards it fell below its desired standards on 17. Authorisations and the contact centre are the areas facing the most pressure in terms of meeting service standards. In both cases, this is driven by a significant increase in the volume of activity. Despite the increase in volumes, both areas saw improvements in performance during the first six months of the year.
In relation to consumer credit authorisations, of the 8,089 consumer credit applications determined, 21 breached the statutory deadline to process a complete application. The FCA explain that the main reason for these breaches related to difficulties in obtaining information from firms. As a result it has put in place steps to help ensure it reminds applicants of the need to provide information in a timely manner.