FSA authorization time leaps 71%

RPC says the average number of weeks for the regulator to authorize a financial services company jumped 71% in the last year alone; up from 11.4 weeks (Q1 2009) to 19.5 weeks (Q1 2010). Some firms could have to wait even longer than this for the green light, the firm adds. Jonathan Davies, regulatory partner at RPC, says: "Some of these authorization decisions from the FSA might be breaching the maximum six month statutory limit the FSA is under." Before the credit crunch began, firms had to wait an average of 7.5 weeks in Q1 2007. Davies says after the collapse of Northern Rock...