DEPP 8.1 Introduction

1DEPP 8 sets out the FCA's statement of policy on the exercise of its power under section 63ZB of the Act to vary, on its own initiative, an approval given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by an SMCR firm2. The FCA is required to publish this statement of policy by section 63ZD of the Act.

[Note: the FCA’s statement of policy on the exercise of its power under section 63ZA of the Act2 to vary an approval at the request of an SMCR firm2 is set out in SUP 10C.2]

In DEPP 8, the power under section 63ZB of the Act described in DEPP 8.1.1G is referred to as the FCA’s “own-initiative variation of approval power”.