• About the FSA
  • Aims and objectives
    • The Performance Account
      • Service standards
        • Latest results
          • Authorisation

A firm carrying on a regulated activity is required by the Financial Services and Markets Act 2000 (FSMA) to be authorised by the FSA. The following standards relate to the time we take to make the decision to either approve or make a recommendation to refuse an application to be authorised.

Results table

The following table covers the period 1 April 2008 to 30 September 2008. For a full listing of the current service standard portfolio see Currently applicable standards.

For a more detailed explanation of what a given standard means, click on its ID.

ID	Standard	Target	Performance	Cases met/applicable
A1.1	To process a complete application for corporate authorisation	100% within 6 or 12 months of receipt	(99.6 %)	746 / 749
		75% within 3 months of receipt	(82.0 %)	548 / 668
A1.2	To process Money Laundering Registrations	100% within 45 days of receipt of application or receipt of any further required information	(100 %)	275 / 275
A2.1	To process applications for the authorisation of Collective Investment Schemes	100% within 6 months of receipt	(100 %)	83 / 83
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	(90.9 %)	20 / 22
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	(100 %)	40 / 40
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	(N/A)	0 / 0
A8.1	To process a complete registration application from a Mutual Society	90% within 15 working days of receipt	(99.6 %)	2877 / 2888

 

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Performance key
Not met Under 90% of target	Not met 90% of target or above	Met Target achieved	No applications No requests received