FCA way off target on insurance new firm authorisation service
New data and goals from the Financial Conduct Authority have revealed the regulator is far behind the target for authorising new insurance firms, with the level of service squarely in the red zone at 81.8%.
Last July, the FCA revealed it was planning to speed up processes for firms and individuals seeking authorisation “recognising the potential this has to support UK growth and competitiveness”.
The results for October to December are the first to be published using the new targets, with the FCA noting it had “voluntarily” started to work towards them even though some will need new legislation to come into force.
The findings are also the first time the FCA has – in some circumstances – switched
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