As of October 2015, the FCA is making more information about its performance available, by publishing key performances indicators (KPIs). These KPIs are published as part of the FCA’s commitment to operating transparently, providing appropriate information on regulatory decisions, and being open and accessible to the regulated community and the general public.
KPIs are published for:
Authorisations – these KPIs are for the process of a solo-regulated firm’s application for a Part4A permission. The KPIs show an increased average processing time for retail and wholesale firms. This increase is due to the number of applications increasing year-on-year. The distribution of applications shows that the large majority of applications are authorised, with only one being refused this quarter and 11% withdrawn as firms face challenge from the FCA, or they no longer wish to pursue authorisation for commercial reasons.
Variations of permission – these KPIs are for the process of a solo-regulated firm’s application for a variation of permission. The KPIs show that the average processing time, and the volume, of retail applications has increased due to changes in the pension legislation. The distribution of applications shows that there were no refusals in the last quarter, and that only 3% of applications were withdrawn.
Payment services and e-money – these KPIs are for the process of a solo-regulated firm’s application for authorisation or registration. The average processing time remains stable (approximately 24-30 weeks). The distribution of applications shows 3 refused applications as a high percentage of withdrawals (17%) reflecting the number of firms unable to satisfy conditions for safeguarding of customer funds.
Waivers – these KPIs show that the average processing time and the average time to complete has increased. The FCA believe this is attributable to a 28% increase in new applications. This higher volume of applications stems from the transfer of client asset rules and the FCA’s liquidity rules.