FCA Authorisation – what the latest metrics mean and how ComplyCraft can help
The Financial Conduct Authority has released its Q3 2025/26 Authorisations Operating Service Metrics, covering the period from October to December 2025. The publication marks the first time results have been reported against the FCA’s new, faster targets put in place following Government pressure on the regulator to support UK financial services growth.
At ComplyCraft, we help firms navigate increasingly demanding regulatory expectations ensuring applications are complete, robust, and strategically positioned to meet FCA scrutiny. Here’s what the latest data tells us, and why expert support matters more than ever.
The data covers various application types including Approved Person (SM&CR-related), Payment Services / E Money authorisations and Variation of Permission applications. However, our focus here is on the New Firm Authorisations. The regulator’s new target is to process 95% of FCA authorisation applications within 4 months if the application pack is considered “complete”. Based on Q3 data, it failed to meet this target (achieving 90.4%). The FCA does not define what “complete” means, but is based on both quantitative and qualitative measures; have all required forms and supporting items been provided and do they contain the necessary quality and depth of information for the FCA to make an informed assessment.
This metric covers all types of new firm authorisations, and the breakdown by type is quite revealing and reflects our differing experiences when dealing with application types across sectors:
Credit and Lending - Limited Permission: 100% within target
Wholesale: 91.7% within target
Insurance: 81.8% within target
Consumer Investments Applications: only 61.5% within target
As you can see, FCA performed the worst against its targets when processing Consumer Investments Applications. Consumer investment business models involve greater risk of consumer harm which clearly warrant more scrutiny. They can also involve complex fee structures, higher financial crime exposure and more complicated prudential and capital considerations which also require more time to review.
However, firms often don’t help themselves. Unclear, or insufficiently evidenced applications are also a major contributing factor and result in extended back‑and‑forth with the regulator. This can often include lack of relevant detail, contradictory points of information through the various forms and documents or an inability to evidence the competence and capability of persons holding the compliance and financial crime functions.
As a specialist compliance consultancy, we help firms prepare for FCA authorisation by guiding them through what the FCA expects before an application is submitted, reducing the risk of having to unpick mistakes when FCA are already engaged. We help ensure the firm prepares a complete and comprehensive application aligned to FCA standards, and assist in developing governance arrangements, regulatory business plans, financial projections, and policies needed to demonstrate compliance.
We have a dedicated FCA applications team comprised of former regulators and experienced consultants. Our staff have prepared and reviewed these applications from both sides of the fence and can help firms avoid the pitfalls that can delay and complicate the application process.
Get in touch if you are considering applying for FCA authorisation.