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FCA backlogs worsen as regulator ‘snowed under’ by paperwork
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fnlondon.comThe 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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