Quarterly KPIs: 2014/2015

Transcription

1 As of October 2015 Itroductio We are makig more iformatio about our performace available by publishig key performace idicators (KPIs). Why are we makig more iformatio available? We are committed to: behavig as trasparetly as possible providig appropriate iformatio o our regulatory decisios, ad beig ope ad accessible to the regulated commuity ad the geeral public Scope We've provided KPIs for: authorisatios 1 variatio of permissio paymet services ad e-moey waivers We publish our service stadards o our Performace Accout webpages, alog with quarterly key performace idicators (KPIs) 2 coverig: the average processig time (APT) for applicatios from the time we receive it to the time the applicatio is determied 34 how may applicatios we determie 3, ad the distributio of all decisios, i.e. the percetage of applicatios that have bee authorised, registered, grated, withdraw or refused We supplemet each of these KPIs with aalysis ad commetary, icludig cotext o why applicatios are refused or withdraw, ad why the APT may have chaged. The APT is iflueced by the varyig degrees of risk, complexity, completeess ad quality of the required iformatio we ecouter with each applicatio. It also icludes the time that has elapsed while we wait for the applicat to sed us the ecessary iformatio we ask for. 4 1 Authorisatio figures are defied as Applicatios from firms which were primarily applyig for regulated o-cosumer credit activities oly, but iclude peer to peer ledig applicatios. 2 Where the FCA is the sole decisio maker 3 I the case of Paymet Services ad E-Moey ad Authorisatios, determied is the earlier of whe the applicatio is made subject to or authorised /registered. Subject to is a poit i time where the FCA makes a decisio to authorise, but with coditios to be met before authorisatio ca be cofirmed. This icludes applicatios that may subsequetly be withdraw, havig ot met the ecessary coditios, or where the applicatio was subsequetly retracted. I the case of Waivers applicatios, we use the term complete to mea whe we have decided o the applicatio. 4 The Waivers APT excludes the time that has elapsed while we wait for the ecessary iformatio from the applicat. 1

2 Authorisatio quarterly KPIs: 2014/2015 Authorisatio: to process a solo-regulated firm applicatio for a Part 4A permissio The alterative ivestmet fud maagers (AIFM) figures are ow beig icluded as part of the wholesale figures as they are ow busiess as usual. 1) Average processig time (APT) ** of determied* applicatios The APT for retail firm type applicatios has icreased due to the complexity of the cases beig received, specifically from mortgage providers ad peer to peer leders. The APT for wholesale firm type applicatios has icreased due to a) the proportio of icomplete applicatios beig received; ad b) the sigificatly icreased volume of applicatios received. The umber of applicatios received i retail ad wholesale have icreased sigificatly year o year; however, this is ow begiig to stabilise. Nevertheless, the APT is expected to rise over future quarters. Firm type Miimum ad maximum processig times (weeks) Oct Dec14 Ja Mar15 Apr Ju15 Jul Sep15 Mi Mi Mi Mi Small Auth AIFM Small Reg AIFM Full Scope AIFM ) Volume of determied* applicatios The umber of determied retail ad wholesale firm type applicatios has icreased due to process improvemets. 3) Distributio of all applicatios decided There has bee oe refusal i this quarter. The percetage of withdrawals has decreased. Firms most commoly withdraw whe: a. they face challege from the FCA, choosig to withdraw rather tha risk receivig a refusal decisio o their case, or b. they o loger wat to pursue authorisatio, typically for commercial reasos ** APT: The processig time of applicatios o average over a specified period; from the time we receive the applicatio to the time we determie it*. It icludes the time that has elapsed while we wait for the ecessary iformatio from the applicat. * Determied is the earlier of whe the applicatio is made subject to or authorised. Subject to is a poit i time where the FCA makes a decisio to authorise, but with coditios to be met before authorisatio ca be cofirmed. This icludes applicatios that may subsequetly be withdraw, havig ot met the ecessary coditios or where the applicatio was subsequetly retracted. Fiacial Coduct Authority 2

3 No. of approved applicatios Avg time to be approved (weeks) Quarterly KPIs: 2014/2015 Variatio of permissio quarterly KPIs: 2014/2015 Variatio of permissio (VoP): To process a applicatio from a solo-regulated authorised firm for VoP The AIFM figures are ow beig icluded as part of the wholesale figures as they are ow busiess as usual. 1) Average processig time (APT) ** of approved applicatios Chages i pesio legislatio (PS 15/12) led to a spike i retail firm type applicatios i the period Jue August. These were relatively straightforward cases ad therefore sigificatly reduced the APT for this sector. However, oce these cases are complete, we expect the APT to retur to the levels see i the previous two quarters Small Auth AIFM Full Scope AIFM Firm type Oct - Dec 14 Ja - Mar 15 Apr - Ju 15 Jul - Sep 15 Miimum ad maximum processig times (weeks) Oct Dec 14 Ja Mar 15 Apr Ju 15 Jul Sep 15 Mi Mi Mi Small Auth AIFM Full Scope AIFM Mi 2) Volume of approved applicatios The volume of approved applicatios has icreased i retail firm type applicatios due to a icrease i volumes received followig pesio legislatio chages (see above). We determie these cases relatively quickly. The volume of approved applicatios remais broadly stable i wholesale firm type applicatios Small Auth AIFM Full Scope AIFM Oct - Dec 14 Ja - Mar 15 Apr - Ju 15 Jul - Sep 15 3) Distributio of all applicatios decided We have ot refused ay applicatios durig this quarter. The umber of withdrawals has decreased slightly. Firms most commoly withdraw whe: a. they face challege from the FCA, choosig to withdraw rather tha risk receivig a refusal decisio o their case, or b. they o loger wat to pursue authorisatio, typically for commercial reasos **APT: The processig time of applicatios o average over a specified period; from the time we receive the applicatio to the time we approve it. It icludes the time that has elapsed while we wait for the ecessary iformatio from the applicat. Fiacial Coduct Authority 3

4 Authorisatio ad variatio of permissios appedix: Glossary of terms Firm type category AIFM (Alterative Ivestmet Fud Maagers) Small Authorisatio AIFM (Alterative Ivestmet Fud Maagers) Small Registratio AIFM (Alterative Ivestmet Fud Maagers) Full Scope / Applicatio type/firm type Securities ad futures (o-complex) Securities ad futures (complex) Advisers ad arragers of wholesale fuds Ivestmet maager ad CIS operator Home fiace provider Persoal pesio scheme providers (icludig SIPPs) Ivestmet ad o-ivestmet isurace cotracts Ivestmet, home fiace ad o-ivestmet isurace cotracts Ivestmet No-ivestmet isurace cotracts Home fiace ad o-ivestmet isurace cotracts Peer-to-peer ledig Ivestmet maager ad CIS operator Ivestmet maager ad CIS operator Ivestmet maager ad CIS operator Chage of legal status Fiacial Coduct Authority 4

5 Paymet services ad e-moey quarterly KPIs: 2014/2015 Paymet services ad e-moey: to process a solo-regulated firm applicatio for authorisatio or registratio 1) Average processig time (APT)** of determied* applicatios The APT for authorised paymet istitutios (API) ad small paymet istitutios (SPI) remais stable. Give the low volume of e-moey applicatios received ad determied i ay give period, there ca be sigificat swigs i the APT from period to period, as is evidet i durig the past year. Firm type Miimum ad maximum processig times (weeks) Oct Dec 14 Ja Mar 15 Apr Ju 15 Jul Sep 15 Mi Mi Mi API SPI AEMI SEMI N/A N/A N/ A Mi N/A N/ A N/A 2) Volume of determied* applicatios The volume of determied cases remais stable sice the last quarter for API. The volume of determied cases has rise for SPI due to temporary additioal resources available i this quarter. The low volume of e-moey applicatios received affects the umber of determied cases for AEMI ad SEMIs. 3) Distributio of all applicatios decided There have bee three refused applicatios this quarter. The percetage of withdrawals remais high, reflectig the umber of firms uable to satisfy coditios for safeguardig of customer fuds. ** APT: The processig time of applicatios o average over a specified period; from the time we receive the applicatio to the time we determie it*. It icludes the time that has elapsed while we wait for the ecessary iformatio from the applicat. * Determied is the earlier of whe the applicatio is made subject to or authorised. Subject to is a poit i time where the FCA makes a decisio to authorise, but with coditios to be met before authorisatio ca be cofirmed. This icludes applicatios that may subsequetly be withdraw, havig ot met the ecessary coditios or where the applicatio was subsequetly retracted. Fiacial Coduct Authority 5

6 Paymet services ad e-moey appedix: Glossary of terms Firm type category API (Authorised Paymet Istitutio) API (Authorised Paymet Istitutio) API (Authorised Paymet Istitutio) SPI (Small Paymet Istitutio) SPI (Small Paymet Istitutio) AEMI (Authorised Electroic Moey Istitutio) AEMI (Authorised Electroic Moey Istitutio) SEMI (Small Electroic Moey Istitutio) SEMI (Small Electroic Moey Istitutio) Applicatio type/firm type Authorisatio/merchat acquirer Authorisatio/mobile phoe operator Authorisatio/moey remitter Registratio/bill paymet service provider Registratio/moey remitter Authorisatio/e-moey issuer Authorisatio/e-moey issuer & urelated PSD Registratio/e-moey issuer Registratio/e-moey issuer & urelated PSD Fiacial Coduct Authority 6

7 Waivers quarterly KPIs: 2014/2015 1) Time to complete 1) Average Processig Time (APT) ** of determied* applicatios What the charts are sayig: Average processig times ad average time to complete a applicatio have goe up by 4.6 ad 2.9 days this quarter, stadig at 18.5 days ad 30 days respectively. This accompaied a 28% icrease i ew applicatios, resultig i a icrease i our work i progress. The icrease i applicatio umbers coupled with a icrease i complexity is directly attributable to the reported icrease i our processig times. While we cotiue to receive a variety of waiver applicatios from across the sourcebooks, we are curretly experiecig higher volumes i regard to the trasfer of cliet of assets rules ad our liquidity rules. 2) Volume of applicatios Defiitios of terms: Average time to complete a applicatio: This is the total time take from whe the FCA receives a applicatio to whe a decisio is made. Average FCA processig time: 3) Applicatio decisios I some circumstaces, we will ot be able to progress work o a applicatio due to reasos out of our cotrol while we wait for iformatio. Average processig time is the time take to determie a applicatio, less the time elapsed while we wait. Commo reasos for us beig uable to process a case immediately are: icomplete applicatio waitig for additioal iformatio from applicat Icluded i the above KPIs are waiver applicatios where the FCA is the sole decisio maker I exceptioal circumstaces we decide to make a modificatio available to a selectio of firms through our website. These are referred to as modificatios by coset. Firms simply iform us they wish to take advatage of the modificatio as opposed to completig a applicatio form. As the time take to complete a modificatio of coset is sigificatly shorter tha our stadard applicatio process they are excluded from the above data. Liquidity modificatios are also excluded from the data due to the complexity of the decisio. While most waivers take 10 to 20 workig days to process, i 2013 a liquidity waiver averaged 46 workig days to process. Fiacial Coduct Authority 7