We report our authorisations metrics quarterly to provide greater transparency of our performance. This data covers April to June 2024.
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.
Download Authorisations operating service metrics 2024/25 Q1 (PDF)[2]
These metrics now include applications for registration submitted by cryptoasset businesses under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Area A1.3 – 5MLD – To process money laundering registrations under the 5MLD directive).
Our performance shows 12 metrics are green and 4 are amber.
One metric is red. This is in a low volume area and was due to one application being determined after the statutory deadline.
98% of applications across all metric areas were determined within the statutory deadline.
We will publish our performance for the second quarter of 2024/25 in November 2024.
Notes on the metrics and methodology
These metrics are for solo-regulated firms. The FCA and the Prudential Regulation Authority work closely to authorise dual-regulated firms. The metrics for the authorisation of dual-regulated firms can be found on the Prudential Regulation Authority’s website[3].
We publish the lower quartile, median, and upper quartile of the range of calendar days taken for determination in each category of application. This shows that most applications are determined significantly ahead of the statutory deadline. Complete and comprehensive applications are likely to be determined in good time.
The complexity of some cases means that we will not always meet our statutory targets. In these cases, it is right that we take the time to make sure there is greater scrutiny and engagement with the firms involved. We continue to see too many incomplete and poor-quality applications. Applications for registration by cryptoasset businesses is one area where this is a particular issue. Firms should see our Authorisation pages[4] for guidance, which include a sample business plan, examples of good applications and common pitfalls to avoid.