Currently applicable standards
We are constantly seeking to improve our performance. We regularly review our service standards to ensure they are appropriate and challenging.
List of current standards
The following table lists all of the service standards that apply from 1 October 2009.
For a more detailed explanation of what a given standard means, click on its ID.
| Authorisation | ||
|---|---|---|
| Standard | Target | |
| A1.1 | To process a complete application for corporate authorisation
|
100% within 6 or 12 months of receipt |
| 75% within 3 months of receipt | ||
| A1.2 | To process Money Laundering registrations |
100% within 45 days of receipt of application or receipt of any further required information |
| A2.1 | To process applications for the authorisation of new schemes under section 242 for Authorised Unit Trusts (AUT) and Regulation 12 for Open Ended Investment Companies (OEIC) |
100% within the earlier of 12 months from receipt or 6 months from being deemed complete |
| A3.1 | To process applications under s242 for the authorisation of Unit Trust Schemes and under Regulation 12 of The Open Ended Investment Companies Regulations 2001 for authorisation of an OEIC |
75% within 6 weeks of receipt |
| A5.1 | To consider whether an EEA UCITS scheme that has given a notice to the FSA of its intention to invite UK persons to invest will be compliant with UK law and, where not, to issue a notice to that effect | 100% within 2 months of receipt |
| A6.1 | To consider notifications for recognition from schemes authorised in designated countries or territories and, if appropriate, issue a warning notice | 100% within 2 months of receipt |
| A8.1 | To process a complete registration application from a Mutual Society | 90% within 15 working days of receipt |
| Regulatory decisions | ||
|---|---|---|
| Standard | Target | |
| R1.1 | To process an application for approved person status | 100% within 3 months of receipt unless attached to an application for Part IV Permission |
| 85% within 2, 4 or 7 working days | ||
| R2.1 | To consider notice of a proposed alteration to a Collective Investment Scheme and, if appropriate, issue a warning notice | 100% within 1 month |
| R5.1 | To process an application from an authorised firm for Variation of Permission |
100% within 6 months of becoming complete or 12 months of receipt |
| R5.2 | To process a complete application from an authorised firm for Variation of Permission | 70% within 2 months of application becoming complete |
| R6.1 | To make a decision following receipt of a 'valid' notification to approve a change in control | 100% within 3 months of receipt |
| R7.1 | To give waiver decisions for an application which includes sufficient information | 90% within 20 working days of receipt |
| R8.1 | To determine applications for Cancellation of Part IV Permission | 100% within the earlier of 1) 6 months of application becoming complete (if an application is received incomplete) or 2) 12 months of the application first being received by the FSA |
80% within 3 months of receipt |
||
| R9.1 | To respond to requests from EEA or Swiss regulators in respect of insurance business transfers outside the UK | 100% within 3 months of receipt |
| R10.1 | To consent to, or refuse, changes to branch details for a branch established by a UK firm exercising its EEA rights | 100% within 1 month of notification |
| R10.2 | To consent to, or refuse, changes to relevant details for a UK firm which is providing services in exercise of an EEA right | 100% within 1 month of notification |
| Complaints about the FSA | ||
|---|---|---|
| Standard | Target | |
| C1.1 | Fast Track: To complete the investigation and respond to the complainant and send a leaflet explaining how the Complaints Scheme works and the right to ask for a stage one investigation | 100% within 5 working days |
| C1.2 | Stage 1: To acknowledge a complaint and send a leaflet explaining how the Complaints Scheme works and the right to ask for a stage two investigation | 100% within 5 working days |
| C1.3 | Stage 1: To notify the complainant if the complaint will not be admitted to the Scheme at stage one | 100% within 4 weeks |
| C1.4 | Complete a stage one investigation and write to the complainant with results of the complaint or write to the complainant to set out a reasonable timescale within which the FSA plans to deal with the complaint | 100% within 4 weeks |
| Notifications | ||
|---|---|---|
| Standard | Target | |
| N1.1 | To process a complete notification for Appointed Representative status | 100% within 5 working days of receipt |
| N2.1 | To process a complete post-event notification to change the FSA's static data on a regulated firm | 95% within 5 working days of receipt |
| N2.2 | To process a complete pre-event notification to change the FSA's static data on a regulated firm | 95% on or before the date requested by the firm |
| N3.1 | To notify the firm of the applicable provisions if they are an EEA firm wanting to establish a branch in the UK | 100% within 2 months of receipt |
| N3.2 | To notify the firm of the applicable provisions if they are an EEA firm wanting to provide services in the UK | 100% within 2 months of receipt |
| N4.1 | To inform the firm if a consent notice will not be issued for a UK firm wanting to establish a branch in the EEA | 100% within 3 months of receipt |
| N5.1 | To provide a copy of the notice of intention to the host state regulator if a UK firm expresses the intention to provide cross-border services in an EEA country | 100% within 1 month |
| Communications | ||
|---|---|---|
| Standard | Target | |
| CM1.1 | To provide a substantive response to letters, emails or faxes received by the Firm Contact Centre, FSA Relationship Manager, or relating to certain types of questions about fees | 90% within 12 working days of receipt |
| CM1.2 | To provide a draft letter of our findings and recommendations following an "ARROW" discovery visit to a firm | 70% within 10 weeks for a Full ARROW assessment/Light ARROW plus Capital assessment or 6 weeks for a Light ARROW assessment |
| CM2.1 | To provide a substantive response to correspondence received by the Consumer Contact Centre | 90% within 12 working days of receipt |
| CM2.2 | To meet requests received through the automated consumer leaflet request telephone lines | 95% within 5 working days of receipt |
| CM2.3 | The telephone call abandonment rate for calls made directly to the Consumer Contact Centre | Not more than 5% |
| CM2.4 | To answer telephone calls made directly to the Consumer Contact Centre | 80% within 20 seconds |
| CM3.1 | The telephone call abandonment rate for calls made directly to the Firm Contact Centre | Not more than 5% |
| CM3.2 | To answer telephone calls made directly to the Firm Contact Centre | 80% within 20 seconds |
| CM4.1 | To process simple oral queries relating to the Code of Market Conduct | 90% within 24 hours |
| CM4.2 | To process complex queries relating to the Code of Market Conduct | 100% within a timeframe consistent with the enquirer's requirements |
| CM4.3 | To consult on relevant documentation | To inform the industry in 100% of cases where the consultation period is less than 3 months |
| CM5.1 | To provide a substantive reply to MPs' letters | 80% within 30 working days |
| 100% within 60 working days | ||
| CM6.1 | To reply to 'right to know' requests for information made under the Freedom of Information Act 2000 | 100% within 20 working days of receipt (unless public interest extension applies) |
| CM7.1 | To reply to requests for information made under the Data Protection Act 1998 | 100% within 40 working days of receipt |
| CM10.1 | To pay correct invoices received from suppliers | 90% within 30 working days of receipt of a correct invoice |
| CM11.4 | To ensure availability of customer facing IS systems1 |
98.5% availability of the systems (currently measured Monday to Friday, 7am to 8pm, UK time except for GABRIEL which is measured Monday to Friday, 8am to 10pm and Saturday to Sunday, 8am to 5pm (UK Time)) |
1 Effective from 1 April 2009 this standard also encompasses the GABRIEL system.