FSA approval waiting times at record high of 23 weeks
Regulatory approval waiting times for financial service start-up companies has reached a record high of 22.9 weeks.
According to data from Reynolds Porter Chamberlain (RPC) the waiting period for Financial Services Authority (FSA) approval has risen for the fourth consecutive quarter, and is now 9% longer than the previous record peak of 21.1 weeks, in the second quarter of 2010.
RPC stated that approval times are increasing because the FSA is applying more scrutiny to start-ups’ business plans than ever before, and also due to the shake-up of the regulator, into a twin peaks model which will take effect next
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