The FCA said its latest operating metrics, produced by the FCA, showed an improvement across the board as delays in applications were reduced.

The latest performance metrics suggest that authorisation approval problems that occurred in 2022/23, particularly affecting appointed rep applications, appear to have mostly been resolved.

The percentage of appointed rep applications improved to 95.3% in the most recent quarter after dropping to only 82.8% in Q4 2022/23 - a figure which triggered a ‘red flag’ warning for unacceptable performance.

The regulator uses a flag colour coding system for its authorisations operating service metrics. Red flags show unacceptable performance, amber is acceptable and green is good.

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New firm authorisations (providing Part 4A regulatory permission) are now at 97.4% (94.8% a year earlier) approved within 6 months of a completed application, with 351 cases determined in the latest quarter with only nine past the deadline.

While there has been concern recently about regulatory issues connected with appointed reps, the latest FCA figures show large numbers are still being approved.

In the latest quarter, 1,323 appointed rep applications were approved within three months with only nine cases determined past the deadline.

Under the separate Senior Managers and Certification Regime (SMCR) regime, which covers most senior managers and independent advisers, 1,550 were approved within three months with only 20 determined past deadline.

For the latest data covering January to March 2024 the FCA said its performance showed 10 metrics were green, six amber and none red.

The FCA said: “We want to make sure the UK is the best place in the world for financial services to thrive. This involves providing an effective and efficient service whilst maintaining high standards to protect customers and to bolster the reputation of the UK market.”

The FCA said that while it had seen an improvement in its authorisations performance it continues to see, “too many incomplete and poor-quality applications.”

• Latest FCA authorisation performance stats: FCA stats