![Insurance Age](https://www.insuranceage.co.uk/sites/default/files/styles/print_logo/public/2021-11/print-logo.png?itok=F0kVQKky)
FCA approval times worsen for new firms as overall picture improves
![Form coming out of computer screen Form coming out of computer screen](/sites/default/files/styles/landscape_750_463/public/2017-03/online-form.jpeg.webp?h=9f80300a&itok=prr2VmyP)
The Financial Conduct Authority’s approval times for new firms is worsening in 2023, according to latest data, bucking a trend that has seen improvements in key broker areas, including for approved person status and appointed representatives.
The regulator targets new firms to have their applications approved within six to 12 months, even if the forms are incomplete.
FCA staff approved 97.8% of applications in the 2021/2022 year-period within the target timeframe. That figure has now declined to 91.7% for January and February 2023.
The slowing approval rate is likely to concern brokers, with experts putting the average start-up cost at £250,000, meaning broking entrepreneurs will want to get trading as quickly as possible.
FCAOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk