Authorisations now taking 19.6 weeks

The time taken by the FSA to approve new financial firms has soared in the last nine months, according to the Financial Times.

Authorisations for new companies took an average of 19.6 weeks in the last quarter, compared to 17.3 weeks in June 2011, according to Reynolds Porter Chamberlain.

The law firm said that the extra waiting time may be due to hold-ups around the FSA splitting into the Financial Conduct Authority and the Prudential Regulation Authority.

The FSA said that waiting times often varied according to the type of application being dealt with and the number of applicants.

Topics