The Financial Conduct Authority (FCA) has outlined plans to improve the authorisation process for consumer credit firms. Figures shared by the FCA indicate they have closed 87% of applications with 99.6% within the statutory deadline.
The FCA have issued the following commitments to firms applying for authorisation:
- The FCA will tell you as soon as your application has been assigned to a case officer. All communication about your application will be handled by this person. If it subsequently proves necessary to assign your case to a different case officer, you will be told as soon as the change is made.
- All communications from you will be acknowledged within two working days.
- A substantive response will be given within 10 working days and, where this is not possible, an update will be sent within the 10 working day period telling you when you should expect to receive a substantive response from us.
- You will be given clear deadlines when asked to submit additional information.
- You will receive an update from the designated case handler on the current status of your case at least once a month.
More details can be found on the FCA website.