Menu
P2P permissions – action required by 31 December 2016

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. 

Don’t forget to check Our View about this article and the Actions Required By You

P2P permissions – action required by 31 December 2016

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.

ATEB Suitability provides report writing software for the financial services market.

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!

Action Required By You

  • Consider whether you need the P2P permission;
  • If not, then remove it as soon as possible.
SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FOS award limit to remain unchanged

Compliance , , , , , ,

The FCA has made the following announcement about the FOS award limit. “When we increased the Financial Ombudsman Service’s award limit in April 2019 we said that each year, from 1 April 2020, we would adjust the award limits for complaints referred to the service on or after 1 April 2019 to ensure they keep […]

Read More
market downturn

10% depreciation reporting to be reviewed

Compliance , , , , , ,

The FCA has announced a review of the 10% depreciation notifications requirement. This requirement came into being with MiFIDII in January 2018 and is intended to ensure that investors are kept informed in periods of extreme market volatility. The volatility in markets as a result of the pandemic in 2020 created a need for multiple […]

Read More
Egg power fear hammer

Vulnerable clients – FCA finalised guidance

Compliance , , , , , ,

In February, the FCA published ‘Finalised guidance FG21/1: Guidance for firms on the fair treatment of vulnerable customers’. In launching the guidance paper, the FCA stated: “… 27.7 million adults in the UK now have characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability. Not all people […]

Read More
Concept of covid 19 in red background

GI and mortgage intermediary firms – PII cover and pandemic exclusions

Compliance , , , , , , , , ,

The significant increase in PII costs for firms providing investment advice in recent years and the difficulties for firms doing pension transfer business obtaining cover at any price for that type of business is well known. Issues with PII cover for GI or mortgage firms have been much more low profile. However, it seems that […]

Read More
calculation redress

Changes to DB Transfer redress calculations

Compliance , , , , , , , , , ,

FCA redress guidance has been updated as at March 2021 – this article explains the background as at the date of the Government’s announcement of the change and has now been updated with a follow up article which can be read here. The FCA has announced its intention to amend guidance for firms on how […]

Read More
Load More