The Financial Conduct Authority has promised that it will accelerate the authorization for private individuals and companies.
The supervisor has promised to achieve new voluntary goals in a letter to the Chancellor today.
It will also have to meet new legal goals that will be consulted and confirmed by the government.
Under proposed legal goals, the Stadswaakhond must process the permission of new companies or variation of permissions within four months when the application forms are completed (currently six months).
If application forms are incomplete, the Regulation must carry out the process within 10 months (currently 12 months).
A further voluntary target has been set by the FCA for consent variations that closely match the existing business model, which must be processed in three months for full applications and six months for incomplete applications.
For Senior Manager Regime requests, at least half will be completed within 35 days with a proposed legal deadline of two months (currently three months) for all applications.
The FCA says that the goals also give companies some time to tackle feedback and to resolve problems, to reduce the risk that the authorization will be refused.
FCA executive director of authorizations Sheree Howard says: “We are taking the new proposals from the government ahead and are willing to go further and faster to facilitate growth.
“In addition, we will maintain a robust authorization process that helps to protect the integrity of the market for competing financial services of the UK and at the same time protecting consumer protection.”
The regulator says that 99% of the applications is now completed within legal deadlines.