‘Double standards’ – fed up brokers urge FCA to improve authorisation times
Brokers are urging the Financial Conduct Authority to improve its authorisation speeds, and stressing that the current performance is damaging the industry.
An Insurance Age Freedom of Information request revealed authorisation decisions for new brokers looking to trade general insurance business worsened up to the end of October 2022 to 224 days on average – a marked deterioration on the 164 days in 2021.
224 daysIn 2022, up to 31 October, it took, on average, 224 days for the FCA to make a decision on authorising a new firm
Brokers say the slow process is damaging both morale and cashflow. Prizm Solutions managing director Peter
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