Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2006-07-07

SIFA 12.4 Change in legal entity

SIFA 12.4.1G

FSA authorisation and the scope of permission granted attaches to each firm (the legal entity) individually. When a new firm is formed, it is a different legal entity and it is not possible for authorisation to move to the new firm. The new firm must apply for authorisation. There is a Simple Change of Entity Application Pack for use when the new firm is substantially the same as the old e.g. same staff and permission. This is available from our website.

SIFA 12.4.2G

In the case of a two person partnership, if one partner leaves then the partnership is dissolved. If the firm wishes to continue in business the remaining partner will need to apply for authorisation as a sole trader. Other changes involving partners leaving a partnership could also result in a firm having to reapply for authorisation - such changes should be discussed with your usual supervisory contact.