FCA brings broker role approval turnaround time down to 92 days

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The Financial Conduct Authority has begun to improve its turnaround times for approving key general insurance broking roles, bringing the average down to 92 days from 105 days in 2021.

This has put the service in line with the statutory three-month target.

Brokers came under the remit of the Senior Managers and Certification Regime on 9 December 2019 meaning delays have been particularly problematic.

Last May the British Insurance Brokers’ Association hit out at delays and called on the FCA to up its game having also flagged the problem in its 2022 manifesto.

Related FCA unveils extension of the SM&CR Biba pushes back against FCA letter Reform of

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