FCA posts improved SMCR approval times but AR permissions still lagging
The Financial Conduct Authority has revealed the average days taken in 2022-23 to process five key authorisations that affect brokers were within its target timeframes, but there is further to go to hit the statutory requirement for 100% of cases.
The FCA signed off on 92.5% of Senior Management and Certification Regime approved person applications within its legal target between January and March, according to the latest data. The information measured across the full regulatory landscape and did not provide a breakdown for insurance.
The watchdog has a three-month timeframe to deliver the SMCR service, and while the figure was below the 100% goal, it was ahead of the 87.9% achieved in the previous quarter and better than for the full
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