Business consultancy Threesixty has revealed that new firms are waiting for up to twice as long to be authorised by the Financial Services Authority (FSA).
Threesixty partner Russell Facer told Citywire that advisers are now waiting up to 14 weeks for authorisations due to the regulatory body having to deal with more issues than it has previously.
The main reason behind the extended waiting time is the increased number of checks the FSA carries out and the manner in which staff cope with applications.
Mr Facer told the news site: ""Primarily it is a new regulation that brought a lot more firms into the FSA's remit. Most recently you are looking at 13 to 14 weeks…take it back to the mid part of 2008 and it was nine weeks…but it all depends on the firm."
The regulatory body also now has to cope with the sale and rent-back and payment services, which have recently been regulated.
Another figure in the financial services industry that agrees the FSA's approvals are taking longer is distribution and development director at independent financial advisers Tenet Keith Richards.
According to Mr Richards, it now takes five to seven days to approve advisers switching network, compared to three days three months ago.
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