Reference Case Number: FOI8365
Freedom of Information: Right to know request:
I am asking about FCA approval times for people in the following roles: chief executive officer, chief financial officer, chief risk officer exclusively at firms with permission to trade as a general insurance broker, by this I mean a company selling non-investment insurance contracts.
Preferably the results should be broken down into the three elements, or if this is not possible then as a group please:
1. What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 (including for applications from before the year started)?
2. What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 when the outcome was approval (including for applications from before the year started)?
3. What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 when the outcome was a rejection (including for applications from before the year started)?
4. What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 (including for applications from before the year started)?
5. What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 when the outcome was approval (including for applications from before the year started)?
6. What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 when the outcome was a rejection (including for applications from before the year started)?
7. What has been the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April (including for applications from before the year started)?
8. What has been the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April when the outcome was approval (including for applications from before the year started)?
9. What was the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April when the outcome was a rejection (including for applications from before the year started)?
*If possible, I would like the average in each instance to be both median and mean, however understand if only one is possible, and time to be measured in either days or weeks.
Using the same data (again if possible, separated into the three elements or if not possible then as a group):
10. How many applications were approved by the Financial Conduct Authority in 2019? And what is the breakdown of this figure for each month?
11. How many applications were approved by the Financial Conduct Authority in 2020? And what is the breakdown of this figure for each month?
12. How many applications have been approved by the Financial Conduct Authority in 2021 up to and including 30 April? And what is the breakdown of this figure for each month?
13. How many applications were rejected by the Financial Conduct Authority in 2019? And what is the breakdown of this figure for each month?
14. How many applications were rejected by the Financial Conduct Authority in 2020? And what is the breakdown of this figure for each month?
15. How many applications have been rejected by the Financial Conduct Authority in 2021 up to and including 30 April? And what is the breakdown of this figure for each month?
FCA response:
In considering our response below, please note that we have reported on SMF applications from Personal and Commercial Lines Insurance Intermediaries performing both investment and non-investment insurance business as we are unable to break it down separately.
The data includes applications that were withdrawn.
I am asking about FCA approval times for people in the following roles: chief executive officer, chief financial officer, chief risk officer exclusively at firms with permission to trade as a general insurance broker, by this I mean a company selling non-investment insurance contracts.
Preferably the results should be broken down into the three elements, or if this is not possible then as a group please:
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 (including for applications from before the year started)?
CEO: average days 57; median 52
CFO: N/A (not an approved function before December 2019)
CRO: N/A (not an approved function before December 2019)
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 when the outcome was approval (including for applications from before the year started)?
CEO: average days 57; median 52
CFO: N/A (not an approved function before December 2019)
CRO: N/A (not an approved function before December 2019)
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2019 when the outcome was a rejection (including for applications from before the year started)?
CEO: None
CFO: N/A (not an approved function before December 2019)
CRO: N/A (not an approved function before December 2019)
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 (including for applications from before the year started)?
CEO: average days 112; median 92
CFO: average days 99; median 97
CRO: average days 112; median 116
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 when the outcome was approval (including for applications from before the year started)?
CEO: average days 108; median 91
CFO: average days 99; median 97
CRO: average days 117; median 120
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2020 when the outcome was a rejection (including for applications from before the year started)?
CEO: N/A
CFO: N/A
CRO: N/A
- What has been the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April (including for applications from before the year started)?
CEO: average days 161; median 117
CFO: average days 217; median 217
CRO: average days 83; median 89
- What has been the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April when the outcome was approval (including for applications from before the year started)?
CEO: average days 151; median 112
CFO: average days 217; median 217
CRO: average days 83; median 89
- What was the average* time taken by the Financial Conduct Authority to give a decision in 2021 up to and including 30 April when the outcome was a rejection (including for applications from before the year started)?
CEO: N/A
CFO: N/A
CRO: N/A
* If possible, I would like the average in each instance to be both median and mean, however understand if only one is possible, and time to be measured in either days or weeks.
Using the same data (again if possible, separated into the three elements or if not possible then as a group):
- How many applications were approved by the Financial Conduct Authority in 2019? And what is the breakdown of this figure for each month?
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Total |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
CEO |
11 |
4 |
6 |
6 |
8 |
8 |
11 |
6 |
9 |
23 |
25 |
10 |
127 |
- How many applications were approved by the Financial Conduct Authority in 2020? And what is the breakdown of this figure for each month?
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Total |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
CEO |
17 |
29 |
21 |
8 |
5 |
13 |
13 |
9 |
8 |
7 |
13 |
13 |
156 |
|
CFO |
1 |
4 |
3 |
8 |
|||||||||
|
CRO |
1 |
4 |
1 |
1 |
2 |
1 |
10 |
- How many applications have been approved by the Financial Conduct Authority in 2021 up to and including 30 April? And what is the breakdown of this figure for each month?
|
Jan |
Feb |
Mar |
Apr |
Total |
|
|---|---|---|---|---|---|
|
CEO |
10 |
13 |
8 |
12 |
43 |
|
CFO |
1 |
1 |
|||
|
CRO |
2 |
1 |
3 |
- How many applications were rejected by the Financial Conduct Authority in 2019? And what is the breakdown of this figure for each month?
None.
- How many applications were rejected by the Financial Conduct Authority in 2020? And what is the breakdown of this figure for each month?
None.
- How many applications have been rejected by the Financial Conduct Authority in 2021 up to and including 30 April? And what is the breakdown of this figure for each month?
None.