Brokers' expansion plans face lengthy delays
The Financial Services Authority (FSA) is taking more than twice as long to approve regulated firms' expansion plans, known as a variation of permission.
Data sourced by law firm Reynolds Porter Chamberlain (RPC) under a freedom of information request has shown an 130% increase to an average 81.5 days for approval in the 12 months to September 2010. For the same period last year the waiting time was 35.5 days.
RPC regulatory partner Jonathan Davies told Insurance Age brokers would be affected should they seek to expand their offering from commercial to retail lines or vice versa, but not within them. Any broker expanding into investments would
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