Brokers hit as FCA authorisation sign-off lengthens to 237 days
The Financial Conduct Authority’s authorisation service for new brokers looking to trade general insurance business worsened up to the end of October 2022, a Freedom of Information request by Insurance Age has revealed.
The regulator only released 2022 data to Insurance Age that runs up until 31 October, but in that period it took on average 224 days to make a decision on authorising a new firm - a marked deterioration on the 164 days in 2021.
The delays in authorisations are a significant headache for brokers who complain they are compounding start-up costs and thwarting fresh blood from coming into the industry.
The data also showed the rate in actual number of firms being approved to trade general
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