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Regulatory permission – use it or lose it
Compliance

The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms.

Responses to the consultation (CP21/28) close on 29 October 2021.

The driver behind the proposed power is the regulator’s belief that incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection offered by a firm or give credibility to a firm’s unregulated activities.

The new power, granted to the FCA via the Financial Services Act 2021, will streamline and shorten the process of removing firm permissions. The FCA will be able to start the cancellation process as soon as it considers permissions are not being used, by serving 14 days’ notice on a firm. The FCA will then be able to vary or cancel permissions after 1 month.

This consultation supplements the recent paper on new decision making powers that the FCA is seeking. Read our recent article here.

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

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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

These changes are intended to help prevent scams by ensuring clear and up to date information on firms and advisers is available to consumers. Firms are required to confirm that the information on the FS Register is accurate on an annual basis to ensure the FS Register presents a clear picture of the permissions firms hold.

Action Required By You

Check your firm’s details as recorded in the FS Register regularly to ensure they are accurate. Correct any errors and make any required changes promptly. Consider the permissions the firm holds – are they needed; are they used? Use it, or lose it!
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About the Author

Michael Senior

Mike is a Chartered Financial Planner and a Fellow. He has been an ATEB consultant for over 10 years but has worked in financial services for a great deal longer. He has a wide breadth of experience covering banking and lending, home finance, pensions, investments, consumer credit and general insurance.

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