The Financial Conduct Authority has said it is trialling automated forms to speed the authorisation process for firms seeking regulatory approval.
FCA said it has already slashed by 40% the pending authorisations backlog in the last year.
It noted that the automated application forms for companies are “easier to understand and quicker for us to assess”.
“We are focused on speeding up our approach to authorisations, while ensuring it remains robust.
“A strong gateway, making sure that the firms that operate here meet the right standards, is critical in making sure the weeds do not take over,” Sarah Pritchard, FCA’s executive director, markets, told delegates at a financial services regulation summit today (27 Sept).
Pritchard added: “By being focused on outcomes – rather than writing rules for every scenario – we can support new businesses and entrants to the market, as well as existing firms who are adapting their business models. Firms want to know what we want from them and what is needed.”
The FCA has been plagued by accusations of incompetence following several high-profile scandals involving authorised firms dabbling in investment scams.
Among the most notorious case is the London Capital & Finance debacle, the minibonds business that collapsed in 2019 with millions of pounds of consumers investment lost.
It was the subject of a recent BBC Panorama documentary on investment scams which aired on BBC One.
Now the FCA said it has adopted a tougher…
