Some feedback required

We have been told about an adviser who applied to set up a DA authorised firm back in August.

The applicant is not ‘phoenixing’ and has no prior advisory firm/clients but is setting up a new one which will have one RI initially under it. They will be the Principal, having no adverse history in the Industry and would reasonably be considered ‘fit and proper’.

The required cheque sent with the application forms was not banked for around 2 months seemingly sitting in a pile doing nothing?

Calls to enquire how long the process will take, after several months of zero feedback, were met with a less than helpful response from the regulator.

We hear that the adviser in question has now received some comments from someone  who could be considered an ‘insider’.

It would seem that the regulator has for some time been (possibly deliberately?) delaying approval of any ‘new’ applications (by that read into it anything received since the end of the Olympics – apparently the FSA along with other Canary Wharf based firms all but shut down for that period) until RDR has kicked in.

In other words the system seems to be the victim of some manipulation, possibly even an abuse of their unique powers by delaying any new approvals so that all applications held in the queue will only receive approval well into the new RDR regime.

Such action could be used, cynically, to report a surge in new firms being approved post RDR to demonstrate it’s early success

Would a freedom of information enquiry into how many applications have been received and then granted or refused, and the timescales applicable in each case for each of the last 6 quarters shed some light on this ?


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