FSA approval times increasing
The amount of time taken by the Financial Services Authority (FSA) to approve new firms has risen for the third consecutive quarter.
According to City law firm Reynolds Porter Chamberlain (RPC), the average time new firms must wait for authorisation is now 19.6 weeks, a 13% increase from 17.3 weeks in the second quarter of 2011.
Steven Francis, partner at RPC, said: “Having to wait an inordinately long time for FSA approval has been a real bugbear in the financial services sector for the last two years.”
He said that authorisation times had rocketed after the credit crunch as the regulator began to scrutinise business plans
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