PRA Authorisations Performance Report
The Financial Services and Markets Act 2000 (FSMA) requires us to make decisions relating to the authorisations processes within set statutory timeframes. However, this report reflects our commitment outlined in the Deputy Governor’s letter to the HM Treasury to operate against a set of shorter, more ambitious targets.
The new targets include:
• New firm authorisations and variations of permission applications to be completed in 4 months (previously 6) for complete applications and 10 months (previously 12) for incomplete applications.
• Senior manager regime applications to be completed within 2 months (previously 3).
While these enhanced targets are not yet written into FSMA, they represent our intent to deliver more timely outcomes and improve overall efficiency in the authorisations process. Performance against these service standards and deadlines is outlined in this report.