FCA to shorten authorisation timelines

The changes include both statutory deadlines, subject to government consultation, and voluntary service targets outlined in a letter from FCA CEO Nikhil Rathi to the chancellor. Under the proposals, statutory timelines for new firm authorisations and variations of permission (VoP) applications will be shortened from six to four months for complete applications, and from 12 to 10 months for incomplete ones. For VoP applications that are closely aligned with a firm's existing business model, the FCA will adopt voluntary targets of three months for complete applications and six months fo...