FSA approval times increasing

time-countdown

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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