The payment services sector continues to grow, supported by the government’s broader economic growth and innovation strategy. Ministers have been clear: payments, fintech and digital finance are central to the UK’s competitiveness — and reducing unnecessary regulatory burden is a strategic priority. 

Rising living costs are placing unprecedented pressure on UK households. From soaring grocery bills to climbing energy prices, consumers are feeling the squeeze—and for many, this means struggling to keep up with existing credit commitments. 

The FCA plans to speed up the authorisation process for firms and individuals to help support UK growth whilst maintaining robust checks.

The FCA has announced a range of initiatives to help firms seeking authorisation or wanting to launch innovative products and services.

The latest statistics, and our recent experiences, demonstrate that the FCA authorisation process is faster than it has been in years.

FCA publishes authorisation operating service metrics for Q2 2023

Changes to the design of the FCA Form A

A simpler structure for authorisation applications has been announced, along with an overall increase in the cost of submitting.