Following feedback from the industry, the FCA has introduced its new commitments to firms during the authorisation process. The FCA confirmed its new commitments to be as follows:

  • The FCA will tell applicants as soon as their application has been assigned to a case officer. All communications about the application will be handled by the same case officer. If it subsequently proves necessary to assign the application to a different case officer, the applicant will be notified as soon as the change is made.
  • All communications from the applicant will be acknowledged within two working days.
  • A substantive response will be given within 10 working days and, where this is not possible, an update will be sent within the 10 working day period telling the applicant when they should expect to receive a substantive response.
  • The applicant will be given clear deadlines when asked to submit additional information.
  • The applicant will receive an update from the designated case handler on the current status of their case at least once a month.

The FCA hopes that the new commitments will reduce delays and improve communication between applicants and the FCA.