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UK: Financial watchdog’s snail pace prevents new bank competition, says study

By  |  September 30, 2013

A study released by law firm RPC showed that the slow pace of the UK’s Financial Conduct Authority to clear new market entrants into the financial industry is preventing new competition in the market.

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    According to RPC, the FCA takes an average of 25.8 weeks to give approval for a new financial firm in the second quarter of this year; the data compare with the second quarter of 2008, when regulators took just an average of 13.9 weeks to offer regulatory clearance.

    The findings are revealed months after the FCA announced new authorization requirements for banks aimed at speeding up the approval process. The FCA took over authorization duties following the dismemberment of the Financial Services Authority. Now, the FCA, along with either the Bank of England, must supervise the establishment of new financial institutions.

    Full Content: Reuters

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