It was announced on Wednesday that Britain will take on rival financial centres Ireland and Luxembourg, by cutting the time it takes to authorise investment funds.
From April, the period for European regulated mutual funds (UCITS) will be cut from 6 to 2 months, with a further month being deducted in 2015. Non-Ucits from 6 to 3 months from April, then cut to a further 2 months in 2015.
Mark Carney, the Bank of England Governor has taken a gentler approach to banks than his predecessor, which he says results in the City of London being “open for business”.
The Financial Conduct Auhtority will now aim to indicate its decision within 6 weeks for UCITS, for 90% of applications. Clive Adamson, the director of supervision at the FCA, said this was an attempt to apply more resources without lowering standards. He also said he wanted to make London more attractive, because currently it is disadvantages compared to Ireland and Luxembourg in terms of approval times.