This report sets out how we performed in 2023/24 against 51 operating service metrics. Some are voluntary, such as our Supervision Hub metrics. Others are set by the Financial Services and Markets Act 2000 (FSMA). We also report on other legislative requirements, including the Freedom of Information Act, the Payment Services Regulations and Electronic Money Regulations.
We categorise these standards into 5 areas:
- Open communication[1]: We assess our performance through standards, such as the timeliness of our responses to consumers, firms, MPs and others.
- Enabling business[2]: Our standards capture how promptly we authorise firms and individuals.
- Regulating existing businesses[3]: Our standards assess, for example, how quickly we process requests for variation of permission.
- Listing transactions[4]: We review and approve documents in connection with corporate finance transactions, assess listing eligibility for new applicants and provide guidance on our rules. We have voluntary targets for these things, in advance of statutory deadlines.
- Enforcement data[5]: This highlights the types of action that we take.
Download the 51 operating service metrics table 2023/24 (PDF)[6]
Summary
We add new measures and end redundant measures where appropriate.
In 2023/24 we achieved or exceeded the targets set for 74.5% of the 51 standards we measure (in 2022/23 this figure was 68.5%, and in 2021/22, it was 51%).
The areas where our performance is not meeting our minimum target fell to 7.8% in 2023/24, compared to 13% in 2022/23 and 30% in 2021/22.
We have seen a continued improvement each quarter with 88% of our standards reporting green and 2% reporting red by the end of Q4 2023/24. This compares to 70% reporting green and 20% reporting red at the beginning of Q1 2023/24.
Notable improvements in 2023/24
- We responded to 90.1% of Freedom of Information Act (FOIA) requests within the 20-working day statutory, up from 67.5% last year.
- Responding to 98.4% of subject access requests under General Data Protection Regulation (GDPR 2018) within our target of 1 month, up from 67.2% last year.
- Processing notifications for UK agents of payments services firms to be included on the register within 2 months. Achieving 98% (green) this year, compared to 97% (amber) last year.
- We processed 95.8% of 'approved person’ applications within deadline, compared to 87.5% last year. Our target is 98% and we continue to improve the application process and drive further efficiencies. We now publish authorisations metrics quarterly[7] to provide greater transparency of our performance.
- The High Court approved our scheme to secure redress of up to £230m for investors in the Woodford Equity Income Fund from failures by 'Link Fund Solutions'. We continued to impose financial penalties, ban individuals, secure criminal convictions and supported redress relating to unsuitable advice to consumers to transfer out of the British Steel Pension Scheme.
Areas where we recognise further improvement is needed
- Responding to requests for information from MPs within 15 days. We met this timeframe for 57% of requests against our target of 80%. [We responded to 72% of requests within 20 days and 90% within 30 days.] The team was affected by significant resource challenges during 2023 and spikes in correspondence which caused delays. The team is now fully resourced and new software to manage correspondence, due in 2024/25, should also improve efficiency. In the final 4 months of the 2023/24 reporting year, the team met the 15-day target 79% of the time and 93% of requests were responded to within 20 days.
- To process a complete application for authorisation or registration under the Payment Services Regulations (PSRs) and Electronic Money Regulations (EMRs), our target is 100% within 3 months of receipt of a complete application or within 12 months of receipt of an incomplete application. Many applicants have been unable to demonstrate that they can meet the standards we expect, given the high risk of harms[8] in this sector. This is reflected in the low proportion of these applications receiving approval. Significant engagement is required with these firms. As a result, 3 of the 4 metrics remain under target. We updated the relevant web pages[9] in August 2023, to make the application process and our expectations of firms clearer. Although the overall target was not met for these standards, at the end of Q4 all 4 metrics were reporting green. Building on improvements made this year, we expect the figures for these to improve in 2024/25.
- Improve our local area response to complaints. This remains below our target of 95%, at 86.9%. The Complaints team are using our new network of Complaint Relationship Managers (CRMs) to help with this.
- Our Customer Satisfaction (CSAT) score for correspondence received from firms. This was 76.2%, narrowly missing our voluntary target of 80%. Our proactive campaign to ensure that firms are correctly set up on our systems at the point of authorisation should help improve this in 2024/25.