FCA – new power to vary or cancel permissions

The FCA can now vary or cancel permissions more quickly than previously applied.



What is changing 

The  FCA now has an additional power, which enables quicker action to:

  • vary or cancel the statutory permissions to conduct FCA-regulated activities of many FCA-authorised firms, where those firms:
    • appear to be carrying on no FCA-regulated activities for which they have permission, and
    • have not responded to FCA notices of the risk of such action, and
  • reflect such variations and cancellations on the Financial Services Register


The FCA has always been able to cancel or vary a firm’s permissions to carry out FCA-regulated activities if it hasn’t used them, but there was a waiting period of 12 months to do so in some situations.

The new power allows the FCA to cancel or vary permissions without the firm applying or the FCA obtaining the firm’s consent. This new power can be used if the FCA considers a firm is currently carrying on none of the regulated activities it has permission for. The 12 month waiting period no longer applies. The FCA can also reverse or annul any decisions to use the new power.

Full details can be read in the policy statement (PS 22/5).

See how to cancel an authorisation here.

See how to apply for a variation of permission here.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

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Our View

For information.

Action Required By You

If you are an FCA-authorised firm that is not or no longer carrying on any FCA-regulated activity, consider asking the FCA to cancel your permission. Similarly, FCA-authorised firms that no longer carry on particular regulated activities within the scope of their permissions should consider asking the FCA to remove those activities
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About the Author

Paul is a Chartered Financial Planner and is well on his way to a Fellowship. He has a thirst for technical knowledge and, while he advises on all aspects of financial services regulation, he specialises in pensions and investments.

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