The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Cancellation refers to the removal of a firm's Part 4A permission. Where Prudential Regulation Authority (PRA)-authorised firms cease to carry out regulated activities, their Part 4A permission must be cancelled. The PRA can also use its own-initiative powers to cancel a permission in certain circumstances. Where requirements have been placed on authorised firms, these can also be cancelled, either at the request of authorised firms or where the PRA uses its own-initiative powers. If a PRA-authorised firm wishes to have its Part 4A permission cancelled it must demonstrate to the PRA that it has ceased or will cease to carry on regulated activities. For further information about firms that are designated PRA-authorised firms, see Practice Note: Prudential Regulation Authority—authorisation.
The PRA can cancel the Part 4A permission of PRA-authorised firms at their request.
It is important that firms give early notice to the PRA where they intend to cease carrying out one or more regulated activities permanently. This is in order to comply with the PRA Fundamental Rules (Fundamental Rule 7), which require firms to deal with the PRA in an open and cooperative way, and to disclose anything the regulator would expect to know. Early cooperation will help firms to address the correct approach to applications with the PRA.
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