23
OCT
2015

Improvement at the FCA

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The FCA’s Firms’ Contact Centre or Customer Contact Centre helpline has improved dramatically recently. Whereas, invariably, the caller was put in a queue ranging from between two and four callers, now the response has been instant in my last dozen or so calls. This cannot be coincidence and must reflect the FCA’s response to a recent staffing shortage. This also has the added bonus of not needing to listen to their holding music. More interestingly is the FCA’s initiative regarding case officers. Any one that has had much interaction with the FCA knows that a Variation of Permission or an application for an authorisation requires a wait for a case officer. This is currently running at a record seventeen weeks.

With the new process of application for consumer credit applications now being made on the FCA Connect system, it would seem that, prior to submission, the FCA are reviewing the draft applications to see what workload to expect, and hopefully, to staff accordingly. We are now seeing the FCA contact the applicant prior to submission, to query details of the partly drafted application. Slightly strange we feel as the drafts are incomplete and not reviewed, so inconstancies at this stage will be prevalent. Perhaps they could have a look through the backlog of completed applications awaiting a case officer to see what the case loads would look like.

About the Author
Blogs are generated by the staff of Pragmatic Compliance Solutions who have had regulatory experience of over thirty years each. Compliance started with the AFBD back in 1987 and both the compliance experts that run Pragmatic Compliance Solutions were well into their careers by then. They have watched compliance develop from a time when insider dealing was acceptable, to the current state of virtually total control. A whole new industry has evolved in this period of change to safeguard the clients and the financial system. Pragmatic Compliance Solutions has become aware that the regulations are now so complex, it is difficult to find one service provider with all the answers, let along cost effective answers. Hence the company was born.

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