Withdrawal of an application for approval—the FCA
Withdrawal of an application for approval—the FCA

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

  • Withdrawal of an application for approval—the FCA
  • Requests for withdrawal
  • Regulator withdrawal of approval

On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced the APER in relation to all UK-incorporated firms who fall within scope of Solvency II, including insurance and reinsurance firms. SIMR also applies to Insurance Special Purpose Vehicles, the Society of Lloyd’s and managing agents, and UK branches of non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty). HM Treasury announced in October 2015 that the SM&CR would be extended to all FSMA authorised financial services institutions from 2018. Please refer to our Senior Managers and Certification Regime—overview related content for further details on the SM&CR.

This Practice Note explains why and how a person can st