September

Despite increasing resources in an attempt to reduce delays, the FCA has confirmed that unprecedented volumes have resulted in continued delays with the processing of applications for regulated roles.

The FCA have asked for help with processing applications of Senior Manager and Appointed Representative efficiently by requesting that full background screening (including completion of DBS checks) is undertaken before submitting applications.

With unprecedented levels of hiring across many sectors, the news of the FCA’s ongoing delays in processing Senior Manager and Appointed Representative applicants comes as no surprise.

Employers in the financial services sector would be advised to build more time in to their onboarding schedules and ensure that pre-employment screening is initiated as early as possible. Applications to the FCA should only be submitted once all results have been received in order to prevent further delays.

The FCA have specifically asked for the following help:

• carefully checking the application before submission to ensure that it has been completed in full
• remembering that for SMR applications you must complete a Disclosure & Barring Service (DBS) check before submission
• making sure you have conducted, and included, all appropriate due diligence checks, including regulatory references, before submitting a candidate
• responding promptly and fully if we contact you to seek further information about a submitted application