The average length of time taken by the Financial Conduct Authority (FCA) to authorise financial services start-ups is now back up to its highest levels, according to data obtained by City law firm RPC.
Firms had to wait 25.8 weeks in the second quarter of 2013 for final FCA approval, 6% longer than the previous quarter. That is almost twice as long as the 13.9 weeks taken to authorise a new firm in the second quarter of 2008 in the first stage of the regulatory tightening after the collapse of Northern Rock. RPC said that the growing wait for firms is concerning as it is a first indication of how long the new FCA is taking to approve new financial services start ups since it started in April this year. RPC partner Richard Burger said: "If the split of the FSA is causing long de...
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