Steven Francis Discusses Financial Conduct Authority’s Efforts to Expedite Authorization Process

In an article for Thomson Reuters, London insurance partner Steven Francis commented on the Financial Conduct Authority’s (FCA) goal of digitalizing the authorization process for firms and individuals following criticism of long wait times and approval issues.

The article noted that the first form the FCA digitized, which covers the authorization of senior managers, received support. However, Francis said that more is to be done to help clients who have been “waiting for an inordinate time” to see if they’re authorized. He noted that an “anti-business” attitude had prevailed in the U.K. for too long and called for rebalancing from the agency.

“The FCA has some very talented individuals in its authorization teams,” Francis added. “Wouldn’t it be better if they worked with applicant firms to get their applications over the line rather than attempting to find any opportunity to say ‘no’?”