P2P permissions – action required by 31 December 2016

20 December 2016 Alistair MacDougallCompliance

Firms that held the permission for the regulated activity of ‘advising on investments’ automatically had their permissions varied to add the new regulated activity of ‘advising on peer to peer (P2P) agreements’ from 6 April 2016. This regulated activity can be seen on the Financial Services Register.

If your firm does not require this permission, you have until 31st December 2016 to remove it via the short form to remove the permission. Any applications to remove this permission after 31st December must be submitted using the Variation of Permission application form in the Connect system.

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Our View

There is nothing to be gained from carrying permissions that you do not intend to use. And there could be an impact on PIII cover. If you don’t use it, lose it!