FCA reports improved authorisations processes in last quarter
The Financial Conduct Authority (FCA) has reported improved authorisations operating service metrics for its latest quarter, which it said shows “we continue to make good progress towards meeting all our service level targets”.
The data for April to June 2023 – which is the FCA’s first quarter of the 2023/24 fiscal year, showed eight metrics are green, six are amber and two are red.
Three of the amber metrics are improved and are within one per cent of becoming green. One metric which was green last quarter is now amber.
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One area where the FCA has shown improvement is in its authorisation process for authorised firms seeking ‘approved person’ status under the appointed representatives regime. The metric went from red in the previous quarter to amber in the latest quarter.
The two areas where the regulator is still scoring red are both related to payment services and e-money authorisations.
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“We report our authorisations metrics quarterly to provide greater transparency of our performance,” the City watchdog said. “We want to make sure the UK is the best place in the world for financial services to thrive. This involves providing an effective and efficient service whilst maintaining high standards to protect customers and to bolster the reputation of the UK market.”
The next performance results will be published for the second quarter of 2023/24 in November 2023.
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