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17 December 2018

On the 11th December 2018 the FCA published quarterly statistics about the different applications it processed in the quarter. The key statistics were as follows:

 

Authorisation Applications

Applications Received

The FCA received 1073 authorisation applications. 792 out of these were consumer credit applications.

Processing Timescales

The FCA managed to process 862 applications within their statutory service level agreement (i.e. 6 months for a completed application and 12 months for an incomplete application). 9 applications were processed outside of the statutory SLA.

The average application processing timeframe was 6.6 weeks.

Application Outcomes

Out of the 1073 applications received by the FCA 64 were withdrawn but none were rejected. The rest were approved.

 

Cancellation Applications

Applications Received

The FCA received 488 cancellation applications.

Processing Timescales

The FCA processed 182 cancellation applications within their statutory SLA (i.e. 6 months for a completed application and 12 months for an incomplete application).

The average application processing timeframe was 1.1 weeks.

Application Outcomes

Out of the 182 cancellation applications 15 were withdrawn.

 

Variation of Permission Applications (VoP)

Applications Received

The FCA received 560 VoP applications. 217 out of these were consumer credit VoP applications.

The volume of VoP applications received decreased in the Wholesale and Retail sector but increased in Consumer Credit.

Processing Timescales

The FCA managed to process 271 VoP applications within their statutory service level agreement (i.e. 6 months for a completed application and 12 months for an incomplete application). 3 VoP applications were processed outside of the statutory SLA.

The average application processing timeframe was 5 weeks. A large number of straightforward Consumer Credit cases were processed in under a week.

Application Outcomes

Out of the 560 VoP applications 37 were withdrawn.

 

Significant Influence Function Applications (SIF)

Applications Received

The FCA received 1685 SIF applications.

Processing Timescales

The FCA managed to process 1180 SIF applications within their statutory service level agreement (i.e. within 90 days of acknowledgement of receipt). 1 application was processed outside of the statutory SLA.

The average processing timeframe was 0.1 week.

Application Outcomes

Out of the 1685 SIF applications 178 were withdrawn.

 

Change in Control Notifications (CiC)

Notifications Received

The FCA received 332 CiC notifications. 73 out of these were notifications to reduce ownership percentage.

Processing Timescales

The FCA managed to process 169 CiC notifications within their statutory service level agreement (i.e. within 60 days of acknowledgement of receipt).

The average processing timeframe was 2.6 weeks.

Application Outcomes

Out of the 332 CiC notifications 23 were withdrawn.

 

Jourdain Tambo

By David Petty

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