TheCityUK criticises regulators’ “slow, inefficient and unpredictable” authorisation processes

time-clocks

A report by TheCityUK has found that financial regulatory authorisations at the Financial Conduct Authority and the Prudential Regulation Authority can be slow and can undermine firms’ confidence in the regulators’ operational efficiency.

The report, Improving regulatory efficiency on authorisations, detailed that firms perceive the regulators’ authorisations processes as too complex, opaque, or slow, and it can discourage further growth and investment.

Insurance Age revealed in November that the average time taken by the FCA to approve broker acquisitions had more than doubled to nearly 100 days, leading to calls for the regulator to ‘get things moving.’

Miles Celic, CEO at TheCityUK, said: “The UK is one of the world’s

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