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.