The time it takes the Financial Services Authority (FSA) to give approval to start a new business in the UK has increased significantly in the past nine months, the FT reports.
It said data from the watchdog showed authorisations for new firms - which include independent financial advisers and investment banks - took an average 19.6 weeks in the first quarter. It said that was an increase of 13% since June 2011, when the FSA took about 17.3 weeks. The data was released following a freedom of information request from law firm Reynolds Porter Chamberlain. The FT said waiting periods had moved up and down since the FSA dropped its light touch approach and put in place stricter scrutiny after the 2008 financial crisis. The law firm said the current longer wait...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
