SIFA 15.2 Cancellation of permission

If your firm wishes to cease carrying on all regulated activities for which your firm holds permission, you may apply for a cancellation of Part IV permission. You may do this whilst still carrying out business so long as your firm has formal plans to cease all regulated activities in the short term (normally 6 months from the date of application for the cancellation of permission).

As with VOPs, we may cancel a firm's permission under our own-initiative powers.

A firm applying for cancellation should, at the same time, notify us of the persons who perform controlled functions.

We will not usually grant a cancellation request until the firm can demonstrate that it has:

1. (1)

   ceased all regulated activities;

2. (2)

   repaid all client money and client deposits;

3. (3)

   discharged custody assets and all other property belonging to clients; and

4. (4)

   discharged, satisfied, or resolved all complaints against the firm.

You must make a request for a cancellation in writing (to the Cancellation Team at the FSA) stating the reasons and circumstances for the application and the date at which your firm ceased, or intends to cease, all regulated activities. When we receive the application, we will send your firm an acknowledgement that will explain the cancellation process and detail the information required.

As with VOPs, until the cancellation has been approved, your firm must inform us immediately it becomes aware of any significant changes in the information you have submitted.

To contact the Corporate Authorisation Cancellation Team:

1. (1)

   telephone on 020 7066 1102; fax on 020 7066 1099; or

2. (2)

   write to: Corporate Authorisation Cancellation Team, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS; or

3. (3)

   email corporate.authorisation@fsa.gov.uk

SUP 6 Ann 3 provides a flowchart that summarises the procedures for applying for a cancellation of Part IV permission.