The following Financial Services practice note provides comprehensive and up to date legal information covering:
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 Prudential Regulation Authority (PRA) to vary their Part 4A permission. For guidance on where firms cease to carry out their activities altogether, see Practice Note: Prudential Regulation Authority—cancelling 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 PRA'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 55F and 55M). As a result firms will need to apply separately to the PRA:
to vary their Part 4A permission, and/or
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.
Firms need to know their 'relevant regulator' before beginning the variation procedure.
The 'relevant regulator' is the regulator to which a firm with Part
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.