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FCA backlogs worsen as regulator ‘snowed under’ by paperwork

Compliance professionals' frustration with delays is growing as regulator releases more data showing holdups

The FCA says it plans to recruit 100 new staff by the end of the financial year, with 50 temporary staff already in place in a bid to get a handle on backlogs
The FCA says it plans to recruit 100 new staff by the end of the financial year, with 50 temporary staff already in place in a bid to get a handle on backlogs Photo: Alamy

The Financial Conduct Authority is falling further behind in clearing submissions to its authorisations team, new data shows.

Applications to set up a new firm or change regulatory permissions are vetted in their hundreds by the regulator each year. However, backlogs have been building up as the watchdog takes control of new areas of the market like consumer credit and cryptocurrency, while it is being buffeted by Brexit, the pandemic, and rising deal volumes.

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