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        • Performance Account 2003/04

Last year we published our performance against service standards for the first time. We recognised that this was the first stage in making us easier to do business with, and this is supported by the commitments in the Business Plan 2004/5.

Elsewhere, we are publishing for the first time standards on how we deal with requests to the firm contact centre together with some improvements to existing standards. Our creation of the Regulatory Services Business Unit will enable us to make further improvements and efficiency gains in this area.

Definitions

Met

- 100% compliance with standard

Nearly met

- over 90% compliance

Not met

- under 90% compliance

No applications received

- lists those standards for which no requests were received between 1 April 2003 and 31 March 2004.

Statutory Requirements
	Function	Service standard (FSMA Standard in normal script: FSA standard, where higher, in italics)	Achievements
Applications	1. To process a complete application for corporate authorisation.	100% within 6 months. We will aim to take a decision on 65% of applications within 4 months.	Met. Higher voluntary target - met. Of the 761 applications processed 615 (81%) were completed within 4 months.
	2. To process an incomplete application for corporate authorisation.	100% within 12 months.	Nearly met.Of the 127 applications processed 119 (94%) were completed in 12 months.
	3. To process an application for approved person status.	100% within 3 months. We will aim to process 85% within 15 working days.	Nearly met. Of the 48229 appplications processed 47402 (98%) were completed in 3 months. Higher voluntary target - met.Of the 48229 applications processed 45384 (94%) were completed in 15 days*.
	4. To process an application for approved person status accompanying an application for Part IV Permission.	100% within 12 months.	Nearly met. (included within standard 3 above).
	5. 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.	Met.
	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.	Met.
	7. 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.	No applications received.
	8. 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.	Nearly met. - In 1 instance, details of the FSA's decision was communicated to the host state regulator 2 days after the 1 month deadline.
	9 To consent to or refuse changes to branch details for a branch established by a UK firm exercising its EEA rights.	100% in 1 month of receiving notification.	Met.
	10. To consent to or refuse changes to relevant details for a UK firm which is providing services in exercise of an EEA right.	100% in 1 month of receiving notification.	Met.
	11. To process a complete application under s242 authorisation of unit trust schemes.	100% within 6 months. [We aim to resolve all applications within 6 weeks].	Met.Higher voluntary (Handbook) target - nearly met. Of the 35 cases processed 32 (91%) were completed within the 6 week timescale.
	12 To process an incomplete application under s242 FSMA for authorisation of unit trust scheme.	100% in 12 months.	No applications received.
	13. To process a complete application under s272 recognition of an individually recognised overseas collective investment schemes.	100% in 6 months.	No applications received.
	14 To process an incomplete application under s272 recognition of an individually recognised overseas collective investment scheme.	100% in 12 months.	No applications received.
	15 To process a complete application under Reg. 12 for an authorisation order of an OEIC.	100% within 6 months. [We aim to resolve all applications within 6 weeks].	Met. Higher voluntary (Handbook) target - Not met. Of the 72 cases processed 59 (82%) were completed within the 6 week timescale.
	16 To process an incomplete application under Reg. 12 for an authorisation order of an OEIC.	100% in 12 months.	No applications received.
	17 Recognition of a scheme constituted in another EEA State (as a scheme meeting the requirements of the UCITS Directive) is automatic, unless, within 2 months the operator is informed that the manner in which it intends to market the scheme in the UK does not comply with UK law.	100% in 2 months.	Met.
	8. Schemes authorised in designated countries or territories become recognised on written approval (usual practice), or, in the absence of a notice from the FSA objecting to recognition within this timescale.	100% in 2 months.	No applications received.
	19. To process an application for listing.	100% within 6 months.	Met.
Collective Investment Schemes, OEICs and Unit Trusts	20. To complete alteration of Authorised Unit Trusts and changes of manager or trustee. If no comment is made in this period the proposal becomes automatically effective (unless a warning notice has been issued).	100% in 1 month.	Met.
	21. To respond to a notice of proposed alteration of individually recognised overseas collective investment scheme and changes of operator, depository or trustee. However if it does not, the proposal automatically becomes effective in 1 month (unless a warning notice has been issued).	100% in 1 month.	No applications received.
	22. To respond to a proposed alteration of the instruments of incorporation, prospectus (if significant), winding up, reconstruction and changes of depository, director, etc of an investment company of variable capital. However if it does not, the proposal automatically becomes effective in 1 month (unless a warning notice has been issued).	100% in 1 month.	Met.
Variation of Permission	23. To process a complete application from an authorised firm for Variation Of Permission.	100% in 6 months.	Nearly met. Of the 941 cases processed 939 (99%) were completed within the timescales.
	24. To process an incomplete application from an authorised firm for Variation Of Permission.	100% in 12 months.	Nearly met. Of the 136 cases processed 135 (99%) were completed within the timescales.
Change of Controller	25. To make a decision following receipt of valid notification to approve change of controller.	100% in 3 months.	Nearly met. Of the 547 cases processed 535 (98%) were completed within the timescales.

Handbook service targets
	Function	Service standard (FSMA Standard in normal script: FSA standard, where higher, in italics)	Achievements
Authorisations	26. To process a complete application for a small e-money issuer certificate.	100% in 6 months. We will aim to process 50% of complete applications in 3 months.	Met. Higher voluntary target - met. Of the 5 applications processed all were completed in 3 months.
	27. To process an incomplete application for a small e-money issuer certificate.	100% in 12 months.	Met.
Waivers	28. To give waiver decisions within 20 days of receiving an application which includes sufficient information. If the waiver is more complicated we will modify the timescale in line with the complexity of the request and inform the applicant.	We will aim to complete 80% of applications within 20 days.	Met.
Individual Guidance	29. To respond quickly and fully to reasonable requests for individual guidance.	Quickly and fully.	Refer to the introductory section on service standards.
Complaints against the FSA	30. To acknowledge a written complaint and send a leaflet explaining how the complaint scheme works, including details of referral to the Complaints Commissioner if you are not satisfied with the way in which we have dealt with it.	100 % in 5 days.	Not met. 85% of cases acknowledged within 5 days.
	31. If the investigation is not completed within 4 weeks, to write to the complainant reporting that fact.	100% in 4 weeks.	Not met. 64% of complainants notified in 4 weeks.
	32. Aim to complete an initial investigation.	80% in 8 weeks. 100% in 12 weeks.	Not met. 79% of initial investigations completed in 8 weeks. Not met. 90% of investigations completed in 12 weeks.
	33. Aim to notify the Complaints Commissioner and the complainant of each complaint which it decides not to investigate. (The Complaints Commissioner will, after considering any representations from the complainant and the FSA, then decide whether the complaint falls within the scope of the complaints scheme and, if so, whether to conduct an investigation.) Where the complaint is more complicated or documentation requires retrieval this investigation may take longer. The complainant will be informed, and given an estimated response time.	100% response rate in 10 days.	Not met. 81% of cases notified to the commissioner within 10 days.
Insurance business transfers	34. To certificate insurance business transfers outside the UK.	100% in 3 months.	Met.
Investment Exchanges/ Clearing Houses	35. To process applications for recognition of Overseas Investment Exchanges and Overseas Clearing Houses.	Where applications are provided in good shape they should take no longer than 6 months.	Met.
Listing standards agreed with HM Treasury	36. To comment on the initial proof of a document submitted for pre-vetting by a new applicant for listing.	The standard agreed with HM Treasury standard is 95% within 10 days. We will aim to process 100% in 10 days.	Standard agreed with HMT - Met. Higher voluntary target - met.
	37. To comment on the initial proof of a document submitted for pre-vetting by an issuer already listed.	The standard agreed with HM Treasury is 95% within 5 days. We will aim to process 100% within 5 days.	Standard agreed with HMT - Met. Higher voluntary target - nearly met. 99% of cases completed within 5 days.
	38 To comment on subsequent proofs of documents submitted for pre-vetting.	The standard agreed with HM Treasury is 95% within 5 days. We will aim to process 100% within 5 days.	Standard agreed with HMT - Not met. Higher voluntary target - not met
	42. To reply to a complaint.	The standard agreed with HM Treasury is 95% within 5 days. We will aim to process 100% within 5 days.	Standard agreed with HMT - Met.. Higher voluntary target - nearly met 97% of cases completed within 5 days.
	43. To process applications for recognition of Investment Exchanges and Clearing Houses.	Where applications are provided in good shape they should take no longer than 6 months.	Met..
Code of Market Conduct	44. Code of Market Conduct	To process 90% of simple oral queries within 24 hours. To process 100% of complete written queries within a timeframe consistent with the enquirers requirements.	Met. Met.
Consultation	45. To consult on relevant documentation.	FSA will inform industry of all cases where the consultation period is shorter than 3 months (excluding miscellaneous Consultation Papers).	Not met. Of the papers issued within the period 9 had a consulation period shorter than 3 months.
MPs Letters	46. To provide a substantive reply to MPs' letters.	We aim to answer 80% within 30 calendar days from receipt. We aim to answer 100% within 60 calendar days from receipt.	Met. 443 letters received, 425 (96%) responses issued within in 30 days. Met.

* Applications to process controlled functions are completed within timescales relevant to that particular control or significant influence function. All these applications are therefore processed within 2/4 or 7 days dependent on the nature of the function. 46256 applications were therefore completed in a maximum of 7 days (over and above the 15 day deadline).