How long does it take?

In relation to a MiFID firm, if the application is complete, the FCA is obliged to respond within six months. If the application is incomplete it is allowed up to 12 months. Where the application is for approval to manage an AIF, the FCA must respond within three months, extendable up to six months if notified to the applicant firm. In practice for most applications to carry on MiFID investment advisory or investment management activities, these are being processed by the FCA within five months from the date of application. We do not yet have enough evidence of how long it will typically take the FCA to process AIFM applications.