Financial Conduct Authority—varying permission
Financial Conduct Authority—varying permission

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

  • Financial Conduct Authority—varying permission
  • Permission and requirements
  • Relevant regulator
  • Types of variation
  • Variation at the request of an authorised person
  • FCA's own-initiative powers
  • Own-initiative powers—what to expect?
  • Threshold conditions
  • How to make applications

Authorised people can only carry out regulated activities in the UK in accordance with their permission. Where people intend to change how they carry out their regulated activities, they are likely to need to apply to vary their permission. This Practice Note is an overview of how firms can apply to the Financial Conduct Authority (FCA) to vary their Part 4A permission. For guidance on where firms cease to carry out their activities altogether, see Practice Note: Financial Conduct Authority—cancelling permission and requirements.

Permission and requirements

Under the old Financial Services Authority (FSA) regime, a Part IV permission could include any requirement the FSA considered appropriate. This is no longer the case. The FCA's powers relating to permission are distinct from its powers relating to requirements (namely to impose or vary a requirement) and the two sets of powers are treated separately under the current regulatory regime (FSMA 2000, ss 55E and 55L). As a result firms will need to apply separately to the FCA:

  1. to vary their Part 4A permission, and/or

  2. to vary a requirement

For guidance on the imposition and variation of requirements, see Practice Notes: Financial Conduct Authority—imposition and variation of requirements and Prudential Regulation Authority—imposition and variation of requirements.

Relevant regulator

Firms need to know their 'relevant regulator' before beginning the variation procedure.

The 'relevant regulator'