Speaker: Sheree Howard, executive director of Authorisations Event: FCA Gateway to growth, London Delivered: 22 January 2026
Key points
- We are open for business and actively welcoming applications from firms looking to take part in the UK market.
- We are moving quickly while maintaining high standards – and are exploring ways to speed up the process even further.
- We encourage you to use our services so we can support you in creating a stronger application and moving through the authorisations process more quickly and confidently.
Introduction
The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.
Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.
It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow.
That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.
But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.
At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market. And our gateway is the airport security and passport control of financial services.
High standards are non-negotiable. Market participants demand them, just like we do as passengers, and they will stay away if it is not there. But our gateway must not be a barrier to growth. We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.
So, I wanted to start by emphasising that we are open for business, and welcome new applications – including those from overseas. We are here to support firms – and those who advise them – as they embark on their journey to authorisation. Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.
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- We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration. And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly.
Misconceptions
So, I’d like to cover some common misconceptions.
Although we’ve all seen – or heard about – lengthy queues and wait times, it may surprise many in this room that the average time to clear security at Heathrow was ten minutesLink is external last year.
Quite impressive, since 84 million passengers Link is external passed through!
The same mismatch between real-time stats and perceived reality is true with our wait times. Many applicants believe it will be ages before we even consider looking at their application.
That’s a myth I love to bust.
Over 99 percent of authorisation applications were determined within statutory deadlines in the second quarter of 2025/26. And half of all new firm authorisation applications were determined in less than four months.
Since making a substantial ongoing investment in digitising Authorisations, we’ve seen good progress – and saved time.
For example, digitised Forms have streamlined Senior Manager Regime application assessments.
Our most recent quarterly metrics show our median determination time for these applications was 28 calendar days, down from 39 days a year prior. I’m sure such a drop in wait times would be envied in many regulatory and statutory bodies! But we are not stopping there. We want to move even faster, and are accelerating our timelines to meet new statutory and voluntary targets. These will shave months off the authorisation journey, and we’ll report against them from February.
Now, some applicants think we stop the clock whenever we have a question – or just feel like it – to make our numbers look better. So, let’s bust another myth – it’s not true. We can only stop the clock for two application types – senior manager or approved persons, and Change in Control.
Our published lower, median and upper quartile determination times show the total elapsed calendar days for each application, ignoring stop-clock periods. These give applicants a more accurate picture of end-to-end assessment times.
We engage with applicants early and throughout the process by:
- Keeping communication open;
- Answering questions, and
- Providing regular feedback.
But we know this isn’t enough. Applicants want to know where they are in the process, and we’re committed to strengthening our engagement to tell them.
Like Heathrow’s plans for new baggage handling and security screening systems, we’re streamlining how we work. I can’t promise it will all be seamless, but we’re testing new ways to improve our approach, including with new technology.
For example, we’ve tested using generative AI to sift through large volumes of unstructured application text.
I’m happy to share that our proof of concept shows it accurately extracts key facts from senior management function documents, which helps case officers evaluate applications faster.
- We’re seeking to integrate this technology into authorisations alongside broader work to speed up application decisions where appropriate.
- We want to lead by example in deploying responsible AI, so we’re starting as we mean to go on: with high standards, rigorous testing and an openness to new technology.
It is critical we get this right – so it will take time. And so as not to create a new myth, I can assure you that our staff will remain at the heart of all decisions. Our aim is to use technology simply to present the evidence for review, faster.
So, we’re moving more quickly, but we refuse to lower our standards or blindly wave people through. You wouldn’t want airport security doing it, and you don’t want us to, either.
For instance, an energy firm recently sought approval for long-term payment plans in relation to upgrades such as heat pumps. The plan would be tied to the customer rather than the property.
Even after moving house, the consumer could remain liable for payments – a crucial detail not made clear in financial promotions. We paused the application until their website was updated. Only then was approval granted.
So, I implore you to remember: even when things seem to be slow, it’s all about safety. A spot check at the airport might annoy you in the moment, but it can be the difference between a turbulent flight and a safe landing.
We’re human too
There’s one more myth I’d like to bust: that the FCA is a ‘scary’ regulator that doesn’t like to talk to people.
This isn’t something we’re blind to. Passport control and customs officers face the same perception issue. Officials can fluster people, lead to things getting lost in translation, and waste valuable time. But believe it or not, the truth is that we’re human, too.
Behind every authorisation decision is a real person – many of whom have worked in the industry themselves! Me included.
Our job is to assess applications fairly, and to support and work with you to get to the right decision. We want you to take off safely, successfully and on time. So don’t be afraid to talk to us! It’s what helps us ensure that we fully understand the facts of an application.
There are many colleagues here today who are eager to speak with you, and I encourage you to do so. Conversations are a key part of our pre-application support service (PASS), which we launched in 2023 and extended to all wholesale, payments and crypto applications in April 2025.
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- We recently expanded it even further, including applications for targeted support.
In these free meetings, you can ask an FCA expert – often the one assessing your application – any question you have. I promise you, no question is too big or small, so be as open as you wish. Because of PASS, we now receive higher quality applications – resulting in faster, easier assessments. During these sessions, we have discussed everything from the application process itself to strategic launch options.
- We even helped firms identify and proactively resolve legal and technical policy issues that could have otherwise impacted their applications and slowed the assessment down.
- We’re committed to engaging with applicants early – but don’t think you have to be at the point of applying to talk to us. We can adjust our level of detail as needed.
For example, one individual came to us for clarity on the authorisation process for their proposed small business. They weren’t ready for authorisation, but they were grateful for the realistic view of what’s involved.
These conversations are just one part of our efforts to create a new relationship between regulator and regulated – one of genuine collaboration.
How to engage
In our January 2025 letter to the Prime Minister, we set out a number of pro‑growth measures, including several related to authorisations.
First, our ‘Minded to Approve’ initiative.
We now give more firms ‘in principle’ decisions earlier so they can take key next steps – like finalising capital raising or hiring key staff. In 2025, we gave ‘minded to approve’ communications in over 250 cases. The vast majority of applications were approved shortly thereafter.
Second, every firm in our Regulatory Sandbox now has a dedicated authorisation officer to guide them through testing and authorisation.
Third, we’ve increased dedicated supervisors in Early and High Growth Oversight by 50 percent to help new and expanding firms navigate the regulatory landscape.
Fourth, we’re building a global network to give major international investors and firms easier access to the FCA.
Last year, we established a presence in the US and Asia-Pacific, which is already delivering a positive impact. This year, we’ll expand into Singapore and beyond.
You’ll hear more about these initiatives from Laura and Dominic, and others here today. But I wanted to stress that each one of these initiatives is in place and working together to support new firms to start up, scale up and grow.
But we’re not stopping there.
In October, we announced the launch of our Scale-up Unit with the Prudential Regulation Authority (PRA) to support dual-regulated firms during rapid growth. We’ll share details for solo regulated firms shortly.
As a key stakeholder in The Office for Investment: Financial ServicesLink is external, we’re providing tailored support to international firms looking to set up and grow their financial services operations here in the UK.
And finally, we’re working with HMT to develop a provisional licence regime. It will give firms time-limited permissions to operate in a controlled environment and under strong regulatory oversight as they work to meet the full Threshold Conditions within 18 months.
However, you choose to do so, we encourage you to engage and collaborate with us sooner rather than later.
We’re here to help you:
- Get a big picture view;
- Spot any issues you might have missed, and
- Help fix them before they turn into problems or delays.
It’s like identifying that rogue item in your hand luggage that just won’t pass security. A simple adjustment, in a timely way, can make for a smoother security screening and better travel experience.
Conclusion
To conclude, the gateway to growth should be an open door, but also a safeguard – and that’s exactly what we’re building.
We’re here to support you and your clients and make your journey easier. And we want to hear your thoughts on what we do well and not so well.
Our aim is to be a regulator that champions sustainable growth for the UK’s consumers and economy – and we’re always listening, learning and adapting.
Now is the time to apply for authorisation – or at least to start planning and talking to us about how best to pack your bags, manage weight limits and arrange your security tray.
I encourage everyone to take advantage of all our services. We’re here to help, so don’t be afraid to engage with us – both today and beyond. And have a safe flight.
