FCA continues to flounder on approved person authorisation targets
The Financial Conduct Authority is falling short on targets in speedily giving individuals approved person status to carry out work and has posted a worsening performance on approving changes of control requests for firms.
The regulator aims to rubber stamp requests within five working days from at least 85% of people who want to work in customer functions.
It similarly targets approving 85% of applications within ten days for those applying to work with customers in Significant Influence Functions, a label for important individuals who oversee staff behaviour in FCA-related activities.
In its latest data release issued yesterday the regulator revealed that so far this year - measured from April to September -
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