The Monetary Conduct Authority has missed a number of working service targets in communications and software processing occasions for the 2021/22 monetary 12 months.
The regulator printed its working service metrics in the present day, alongside its annual report.
It missed its goal for answering phone calls to the Supervision Hub from corporations for the second consecutive 12 months.
The FCA mentioned the failure was a results of ‘vital spikes’ in agency name volumes resulting from actions, together with migration to new reporting and invoicing methods, agency attestations and queries about Coronavirus-related surveys.
A number of Monetary Planners have been essential on social media over the previous 12 months concerning the variety of Covid-related surveys they’ve been requested to finish by the regulator.
The working service metrics additionally revealed that the FCA missed its 5 day goal to course of appointed consultant notifications over half of the time.
The regulator processed notifications throughout the goal 44.7% of the time, decrease than the 48.1% seen within the earlier 12 months.
It mentioned the delays have been resulting from “workers stress, which was pushed by the numerous variety of solo-regulated firm-related functions obtained following the introduction of the Senior Managers and Certification Regime (SM&CR) and the impression of the Covid-19 pandemic.
The regulator added that it has thus far recruited 95 extra workers for the authorisations division to enhance processing occasions.
Working service metrics have been additionally missed in responding to Freedom of Info (FOI) requests throughout the statutory timeframe of 20 days.
The regulator accomplished 67% of FOI requests throughout the timeframe, in opposition to its goal of 90%. It mentioned “that is under the requirements we anticipate of ourselves” however that it expects to fulfill its goal metrics throughout 2022/23.
It additionally missed its targets on GDPR. The regulator operates to a goal of 90% for knowledge requests throughout the one month timeframe, however in 2021/22 responded to 44% of requests inside this era.
There have been a number of areas the place the regulator made enhancements in opposition to its working service metrics.
The FCA closed 170% extra complaints in 2021/22 than it did within the earlier 12 months, with 2,211 closures. This included complaints about its regulation of London Capital & Finance plc and acknowledging 93.7% of complaints inside 5 working days of receipt, in comparison with 65.7% in 2020/21.
The regulator additionally improved its client correspondence response occasions. It offered a response to client correspondence from e mail/internet type/webchat inside two working days 87.8% of the time, a rise from 80.4% final 12 months.