Applying for variations and waivers
Applying for variations and waivers

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Applying for variations and waivers
  • Applying for a variation of permissions
  • Considerations when submitting an application for a variation of permission
  • The application
  • The decision
  • Commencement of new activities
  • Applying for a waiver
  • The application process
  • The decision-making procedure and direction
  • Waiver by consent
  • More...

From 1 April 2013, the PRA and the FCA replaced the FSA. From 1 April 2013, in addition to the need to identify which regulator is relevant to the firm's activities and potentially seeking dual authorisation from the PRA and FCA, firms have had to consider the concept of PRA-regulated activities, for which permissions are needed, as well as regulated activities for which FCA permissions are needed. For more information see: Regulated activities—specified activities and investments—overview, Prudential Regulation Authority—supervisory approach—deposit-takers and Prudential Regulation Authority—supervisory approach—insurers

One of the changes from 1 April 2013, and outlined in CP 12/24 and CP 12/26 and PS 13/05, was the change to the way a firm should apply to vary or cancel its authorisation or Part 4A permissions, or to vary or cancel requirements that are imposed on it by the PRA or FCA. Firms use the Connect system, whether it relates to authorisation and permissions from the PRA or the FCA. Dual-regulated firms apply to the PRA, which refers to the FCA as appropriate. A firm regulated only by the FCA must apply to the FCA to vary or cancel its Part 4A permission, except where it seeks to vary its permission to include a PRA-regulated activity, in which case it must apply to the PRA. The FCA and PRA should consult each other and seek consent and

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