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

 

The Financial Services and Markets Act 2000 (FSMA) requires us to make a wide range of decisions relating to regulatory processes and functions. The standards below relate to the timescales within which we aim to make these decisions.

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
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	(100 %)	20975 / 20975
		85% within 2, 4 or 7 working days	(91.3 %)	19144 / 20975
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	(100 %)	290 / 290
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	(100 %)	968 / 968
R5.2	To process a complete application from an authorised firm for Variation of Permission	70% within 2 months of application becoming complete	(99.5 %)	963 / 968
R6.1	To make a decision following receipt of a 'valid' notification to approve a change in control	100% within 3 months of receipt	(100 %)	849 / 849
R7.1	To give waiver decisions for an application which includes sufficient information	90% within 20 working days of receipt	(97.1 %)	200 / 206
R8.1	To determine applications for Cancellation of Part IV Permission	100% within the earlier of i) 6 months of application becoming complete (if an application is received complete) or ii) 12 months of the application being received by the FSA	(99.9 %)	1123 / 1124
		80% within 3 months of receipt	(77.9 %)	876 / 1124
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	(100 %)	16 / 16
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	(100 %)	121 / 121
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	(100 %)	122 / 122

Back to top

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