The number of Change in Control requests received by the PRA and the average time taken to approve for the period 1 April 2013 - 31 March 2015

We publish details of a selection of requests made under the Freedom of Information Act 2000, and the information we disclose in response.

Date released:  13 April 2015

Disclosure:  

The number of Change in Control applications received by the PRA, the average time taken to give approval (or refusal) displayed quarterly for the period 1 April 2013 – 31 March 2015.

The table below shows Change in Control requests received from insurance firms and the average time taken to approve between 1 April 2013 and 31 March 2015.

  • Pre-Notifications are any applications received before the Change in Control takes place. There is a 60 working day timeframe once an application is deemed complete and the decision is ‘approve’ or ‘reject’.
  • Post-Notifications are any applications received after the Change in Control has taken place. For post-notifications there is no statutory timeframe and the decision is ‘not object’ or ‘object’. 
  • Reduction/removal of a controller has no statutory deadline. 

Quarter

Pre-notification

Post-notification 

 Reduction in control/Removal of control

Total 

Average time spent (working days) to approve 

01/04/13-30/06/13

 10 3 6 19 33

01/07/13-30/09/13

 17 3 2 22 38

01/10/13-31/12/13

 17 2 6 25 45

01/01/14-31/03/14

 13 4 2 19 35

01/04/14-30/06/14

 17 5 4 26 36

01/07/14-30/09/14

 7 1 3 11 29

01/10/14-31/12/14

 12 1 6 19 32

01/01/15-31/03/15

 11 4 1 16 41

The average time taken to process a Change in Control application can vary significantly depending on the application, from a few hours to several days.  The Pre-Notification requests have a statutory completion deadline of 60 working days.  All of the Pre-Notification requests received since 1 April 2013 have been completed within the statutory timeframe.

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