Wait for FSA permissions trebles since financial crisis

This figure has trebled from 25 days in 2008 and increased 10% in the past year, law firm Reynolds Porter Chamberlain (RPC) says. Firms must apply for a "variation of permission" in order to expand via a new line of business, new regulated activity or a new class of customer. Jonathan Davies, regulatory partner at RPC, said: "The FSA's checking process is becoming more laborious than ever before. "The financial services sector is a key employer and vital generator of tax revenue. "If the FSA's intrusive approach is applied indiscriminately and prevents well run, stable businesse...