Overview

• Average processing times have dropped to just over five months from about 17 months, according to figures cited from recent reporting.
• The approval rate since April is about 45%, compared with less than 15% over the previous five years.
• Registrations for five firms have been cleared since April, including major groups BlackRock and Standard Chartered.
• Total applications have fallen from 46 in 2022/23 to 26 in 2024/25 and annual approvals have also declined, with some firms said to be waiting for the forthcoming regime as withdrawals decrease.
• The FCA has added staff, offered pre‑application meetings and clearer guidance, and opened consultations toward a 2026 regime extending senior‑manager accountability, operational‑resilience and tougher financial‑crime controls, while UK officials reportedly explore closer coordination with U.S. regulators on stablecoin oversight and joint sandboxes.