Related provisions for SUP 7.1.1

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SUP 6.3.1AGRP
27Under section 55H of the Act, an FCA-authorised person may apply to the FCA to vary its Part 4A permission to:(1) allow it to carry on further regulated activities, other than a PRA-regulated activity; or(2) reduce the number of regulated activities it is permitted to carry on; or (3) vary the description of its regulated activities (including by the removal or variation of any limitations).
SUP 6.3.1BGRP
27Under section 55I of the Act, an FCA-authorised person may apply to the PRA to vary its Part 4A permission to add regulated activities which include a PRA-regulated activity.
SUP 6.3.2AGRP
27Under section 55L(5) of the Act a firm with a Part 4A permission may apply to the FCA for the imposition of a new requirement and/or the variation or cancellation of any requirement previously imposed by the FCA.
SUP 6.3.2CGRP
27An application may relate to one or more of SUP 6.3.1A G and SUP 6.3.2A G. For example, a firm may apply to vary its Part 4A permission to add a new regulated activity and at the same time remove a regulated activity for which it currently has permission.
SUP 6.3.3GRP
In applying for a variation of Part 4A permission,27 a branch of a firm from outside the UK24 should be mindful of any continuing requirements referred to in the rest of the Handbook.102710
SUP 6.3.4GRP
In determining the activities and specified investments for which a Part 4A permission27 is required, and whether to apply for a variation of that permission, a firm may need to take professional advice and may also wish to discuss this with its appropriate supervisory contact.272727
SUP 6.3.6GRP
If a firm is seeking a variation of Part 4A permission27 to add categories of regulated activities, it should be mindful of the 24requirements referred to at SUP 6.3.42 G relating to the need to commence new activities within 12 months.27
SUP 6.3.7GRP
If a firm wishes to cease carrying on an activity for which it has Part 4A permission,27 it will usually apply to vary its Part 4A permission27 to remove that activity. If a firm wishes to cease carrying on an activity in relation to any specified investment, it will usually apply to vary its Part 4A permission27 to remove that specified investment from the relevant activity.272727
SUP 6.3.8GRP
(1) Where a firm is submitting an application for variation of Part 4A permission27 which would lead to a change in the controlled functions of its approved persons, it should, at the same time and as appropriate:27(a) make an application for an internal transfer of an approved person, Form E (Internal transfer of a person performing a controlled function22), or make an application for an individual to perform additional controlled functions, the relevant11 Form A (Application
SUP 6.3.9GRP
20A variation of a firm’sPart 4A permission may mean that it becomes an SMCR firm or that it changes from one type of SMCR firm to another22. This would have a number of significant consequences, which include: (1) the application of the special powers in relation to misconduct by approved persons (see DEPP 6.2.9-AG);(2) the senior managers25 regime in SUP 10C applies25;(3) COCON applies to its staff25; and22(4) the other elements of the regime for SMCR firms described in SYSC
SUP 6.3.11GRP
A firm with Part 4A permission27 to carry on insurance business, which is applying for a variation of its Part 4A permission27 to add further insurance activities or specified investments, will be required to submit particular information on its existing activities as part of its application. This includes the scheme of operations which is required to be submitted as part of the application pack (for further details on the scheme of operations, see SUP App 2 (Insurers: scheme
SUP 6.3.12GRP
In applying to vary its Part 4A permission27 to add categories of specified investments, in relation to insurance business, a firm carrying on insurance business will need to determine the classes of specified investments relating to effecting and carrying out contracts of insurance for which variation of Part 4A permission27 will be necessary, having regard to whether certain classes of contract may qualify to be effected or carried out on an ancillary or supplementary basis
SUP 6.3.13GRP
The application for variation of Part 4A permission27 will need to provide information about the classes of contract of insurance for which variation of Part 4A permission27 is requested and also those classes qualifying to be carried on, on an ancillary or supplementary basis. For example, an insurer applying to vary its permission to include class 10 (motor vehicle liability, other than carrier's liability) must satisfy the FCA27 that it will meet, and continue to meet, threshold
SUP 6.3.16GRP
(1) Section 55(U)(2)27 of the Act (Applications under this Part) requires that the application for variation of Part 4A permission27 must contain a statement:2727(a) of the desired variation; and(b) of the regulated activity or regulated activities which the firm proposes to carry on if its permission is varied.(1A) Section 55(U)(3) of the Act requires that an application for variation of a requirement imposed under section 55L or 55M or the imposition of a new requirement must
SUP 6.3.17GRP
(1) [deleted]7(2) A firm is advised to discuss its application with the relevant regulator27 before submission, particularly if it is seeking a variation of Part 4A permission or imposition, variation or cancellation of a requirement27 within a short timescale. A firm is also advised to include as much detail as possible (including any additional information identified by its supervisors at this stage) with its application.72727
SUP 6.3.19GRP
A firm which is making an application for variation of Part 4A permission27 to wind down (run off) its business before applying for a cancellation of that permission (see SUP 6.2.9 G) should read SUP 6 Annex 4 for details of the additional procedures that apply.27
SUP 6.3.20GRP
In certain cases, the relevant regulator may consider that granting an application for imposition, variation or cancellation of any requirement or for variation of Part 4A permission27 which includes adding further regulated activities or changing a limitation would cause a significant change in the firm's business or risk profile. In these circumstances, the relevant regulator27 may require the firm to complete appropriate parts of the full application pack (see the relevant
SUP 6.3.22GRP
The fees payable for a firm applying for the imposition, variation or cancellation of any requirements and/or a variation of its Part 4A permission are set out in FEES 3.27
SUP 6.3.28GRP
(1) The relevant regulator27 is required by section 55B(3) of the Act to ensure that a firm applying to gain or vary a Part 4A permission or to impose or vary a requirement27 satisfies and will continue to satisfy the threshold conditions in relation to all the regulated activities for which the firm has or will have a Part 4A permission.2727271527(2) [deleted]27151527
SUP 6.3.28AGRP
27Where a firm applies to the PRA for the variation of its Part 4A permission, the FCA, in giving consent to such an application or imposing any requirements on the firm, is required by section 55B(3) of the Act to ensure that the firm satisfies and will continue to satisfy the threshold conditions for which the FCA is responsible in relation to all the regulated activities for which the firm has or will have Part 4A permission after the variation.
SUP 6.3.28BGRP
(1) 27The FCA's duty under section 55B(3) of the Act does not prevent it, having regard to that duty, from taking such steps as it considers necessary in relation to a particular firm, to meet any of its operational objectives. This may include granting or consenting to (as the case may be) a firm's application for variation of Part 4A permission when it wishes to wind down (run off) its business activities and cease to carry on new business as a result of no longer being able
SUP 6.3.31GRP
In considering whether to grant (or consent to, as the case may be)27 a firm's application to vary its Part 4A permission or impose or vary a requirement, the regulator concerned will also have regard, under section 55R(1)27 of the Act (Persons connected with an applicant), to any person6 appearing to be, or likely to be, in a relationship with the firm which is relevant. The Financial Groups Directive Regulations make special consultation provisions where the regulator is exercising
SUP 6.3.32AGRP
27The FCA's power to vary a Part 4A permission after it receives an application from a firm extends to including in the Part 4A permission as varied any provision that could be included as though a fresh permission was being given in response to an application under section 55A of the Act (Application for permission). Under section 55E of the Act (Giving permission: the FCA) the FCA may:(1) incorporate in the description of a regulated activity such limitations (for example, as
SUP 6.3.32BGRP
27Thus, when determining an application for variation of Part 4A permission, the FCA can, include new limitations and vary existing limitations, either on application from the firm (for example, the customer categories with which a firm may carry on a specified activity) or, if considered appropriate, by the FCA under section 55E(5) of the Act.
SUP 6.3.32CGRP
27If a firm has applied (whether to the FCA or the PRA) for the variation of a Part 4A permission, the FCA has the power to impose on that person such requirements, taking effect on or after the variation of permission, as the FCA considers appropriate.
SUP 6.3.34GRP
If limitationsare varied or imposed or requirements are imposed by the relevant regulator27 which were not included in the firm's application for variation of Part 4A permission, the relevant regulator27 will be required to issue the firm with a warning notice and decision notice (see SUP 6.3.39 G).2727
SUP 6.3.34AGRP
27Where a firm has made an application to the PRA for the variation of its Part 4A permission and requirements are imposed by the FCA which were not included in the firm's application, the FCA will be required to issue the firm with a warning notice and decision notice (see SUP 6.3.39 G).
SUP 6.3.39GRP
A decision to grant an application will be taken by appropriately experienced staff at the relevant regulator.27 However, if the staff dealing with the application recommend that a firm's application for variation of Part 4A permission27 be either refused or granted subject to limitations or requirements or a narrower description of regulated activities than applied for, the decision will be subject to the regulator's formal decision making process.272727272727
SUP 6.3.40GRP
DEPP9gives guidance on the FCA's27 decision making procedures including the procedures it will follow if it proposes to refuse an application for variation of Part 4A permission or for imposition or variation of a requirement27 either in whole or in part (for example, an application granted by the FCA27 but subject to limitations or requirements not applied for).92727
SUP 6.3.41GRP
If the variation ofPart 4A permission is given, the relevant regulator27 will expect a firm to commence a new regulated activity in accordance with its business plan (revised as necessary to take account of changes during the application process) or scheme of operations for an insurer. Firms should take this into consideration when determining when to make an application to the relevant regulator.272727
SUP 6.3.42GRP
(1) Firms should be aware that the appropriate regulator may exercise its own-initiative variation power or, in respect of FCA-authorised persons, the FCA may exercise its additional own-initiative variation power, in each case26 to vary or cancel their Part 4A permission (see section 55J of the Act (Variation or cancellation on initiative of regulator) and Schedule 6A to the Act (Variation or cancellation of Part 4A permission on initiative of FCA: additional power)) if the firm
SUP 6.3.43GRP
When a firm commences new regulated activities following a variation of a Part 4A permission,27 it should have particular regard to the requirements of Principle 11 (Relations with regulators) (see SUP 15.3.8 G (1)(c)).27
SUP 6.2.1GRP
A firm authorised under Part 4A8 of the Act (Permission to carry on regulated activity) has a single Part 4A permission8 granted by the FCA or the PRA. A firm'sPart 4A permission8 specifies all or some of the following elements (see PERG 2 Annex 2 (Regulated activities and the permission regime) and the information online at the FCA and PRA websites):8888338(1) a description of the activities the firm may carry on, including any limitations;(2) the specified investments involved;
SUP 6.2.3AGRP
8If an FCA-authorised person wishes to change its Part 4A permission to:(1) add a regulated activity, other than a PRA-regulated activity; or(2) remove a regulated activity from those to which the permission relates; or(3) vary the description of a regulated activity to which the permission relates; or(4) cancel the permission;it can apply to the FCA under section 55H of the Act (Variation by FCA at request of authorised person).
SUP 6.2.3BGRP
8If an FCA-authorised person wishes to change its Part 4A permission, by adding to the regulated activities to which the permission relates one or more regulated activities, which include a PRA-regulated activity, it can apply to the PRA under section 55I of the Act (Variation by PRA at request of authorised person). The PRA can determine such an application only with the consent of the FCA.
SUP 6.2.3CGRP
8If a firm with a Part 4A permission wishes the FCA to: (1) impose a new requirement; or(2) vary a requirement imposed by the FCA; or(3) cancel such a requirement;it can apply to the FCA under section 55L(5) of the Act (Imposition of Requirements by FCA).
SUP 6.2.4AGRP
1If a firm intends to transfer its business to a different legal entity it will need to apply to the relevant regulator8 for cancellation of its Part 4A permission8 and the entity to which the business is to be transferred will need to apply for a Part 4A permission.88888
SUP 6.2.5GRP

Variation and cancellation of Part 4A permission and imposition, variation and cancellation of requirements. See SUP 6.2.3A G to SUP 6.2.3E G8

8Question

Variation of Part 4A permission

Cancellation of Part 4A permission

Imposition, variation and cancellation of requirements

What does the application apply to?

Individual elements of a firm'sPart 4A permission. Variations may involve adding or removing categories of regulated activity or specified investments or varying or removing any limitations in the firm'sPart 4A permission.

A firm's entire Part 4A permission and not individual elements within it.

Any requirement imposed on a firm with a Part 4A permission. Requirements may involve requiring the firm concerned to take or refrain from taking a specified action.

In what circumstances is it usually appropriate to make an application?

If a firm:

1. wishes to change the regulated activities it carries on in the United Kingdom under a Part 4A permission (SUP 6.3); or

2. has the ultimate intention of ceasing carrying on regulated activities but due to the nature of those regulated activities (for example, accepting deposits, or insurance business) it will require a long term (normally over six months) to wind down (run off) its business (see SUP 6.2.8 G to SUP 6.2.11 G and SUP 6 Annex 4).

If a firm: 1. has ceased to carry on all of the regulated activities for which it has Part 4A permission (SUP 6.4); or 2. wishes or expects to cease carrying on all of the regulated activities for which it has Part 4A permission in the short term (normally not more than six months). In this case, the firm may apply to cancel its Part 4A permission prior to ceasing the regulated activities (see SUP 6.4.3 G).

If a firm:

1. wishes to have a new requirement imposed on it; or

2. wishes to vary or cancel an existing requirement imposed by the FCA or PRA (for example, if anything relating to the firm's individual circumstances change and any existing requirement should be varied or cancelled).
SUP 6.2.6GRP
A firm which is seeking: 8(1) to vary its Part 4A permission8 substantially; or8(2) to8 cancel its Part 4A permission; or88(3) the imposition of a new requirement and/or the variation or cancellation of any existing requirement;8should discuss its plans with its supervisory contact at the relevant regulator8 as early as possible before making an application, in order to comply with Principle 11 (see SUP 15.3.7 G). These discussions will help the relevant regulator8 and the firm
SUP 6.2.7GRP
If a firm intends to cease carrying on one or more regulated activities permanently, it should give prompt notice to the appropriate regulator8 to comply with Principle 11 (see SUP 15.3.8 G (1)(d)). A firm should consider whether it needs to notify the appropriate regulator8 before applying to vary or cancel its Part 4A permission.8888
SUP 6.2.9GRP
If an insurer,4 a bank, or a dormant account fund operator4 wishes to cease carrying on all regulated activities for which it has Part 4A permission,8 it will usually be necessary to wind down the business over a long term period which is normally more than six months. This may also be the case for a firm holding client money or customer assets. In these circumstances, it will usually be appropriate for the firm to apply for variation of its Part 4A permission and/or imposition
SUP 6.2.10GRP
A firm which is winding down (running off) its activities should contact its supervisory contact at the appropriate regulator8 to discuss its circumstances. Discussions will focus on8 the firm's winding down plans and the need for the firm to vary or cancel itsPart 4A permission and/or the need to impose a new requirement, vary any existing requirement or cancel such a requirement. Following these discussions the firm should usually make the relevant application, as appropria
SUP 6.2.11GRP
(1) Specific guidance on the additional procedures for a firm winding down (running off) its business in the circumstances discussed in SUP 6.2.8 G is in SUP 6 Annex 4.(2) The guidance in SUP 6 Annex 4 applies to any firm that is applying for variation of Part 4A permission or for the imposition, variation or cancellation of a requirement before it applies for cancellation of Part 4A permission8 to enable it to wind down (run off) its business over a long term period of six months
SUP 6.2.12GRP
[deleted]58888
SUP 6.2.13GRP
[deleted]588
SUP 6.4.1AGRP
24Under section 55H(3) of the Act (Variation by FCA at request of authorised person), if an FCA-authorised person applies to the FCA, the FCA may cancel its Part 4A permission. Cancellation applies to a firm's entire Part 4A permission, that is to every activity and every specified investment and not to the individual elements such as specified investments. Changes to the individual elements of a permission would require a variation.
SUP 6.4.2AGRP
24Under section 55H(4) of the Act, the FCA may refuse an application from a firm to cancel its Part 4A permission if it considers that it is desirable to do so in order to advance any of its operational objectives.
SUP 6.4.3GRP
(1) A firm may apply to the relevant regulator to cancel its Part 4A permission24 before it has ceased carrying on all regulated activities. However, where a firm makes a formal application for cancellation of its permission when it has not yet ceased carrying on regulated activities, the relevant regulator24 will expect the firm:2424(a) to cease those regulated activities within the short term (normally no more than six months from the date of application for cancellation);
SUP 6.4.4GRP
Additional guidance for a firm carrying on insurance business, accepting deposits, operating a dormant account fund8 or which holds client money or customer's assets is given in SUP 6 Annex 4. As noted in SUP 6.2.9 G, it will usually be appropriate for a firm to apply for variation of its Part 4A permission and/or the imposition, variation or cancellation of a requirement24 while winding down (running off) its regulated activities and before applying to cancel its Part 4A per
SUP 6.4.5DRP
(1) Subject to (1A), a 11firm other than a credit union wishing to cancel its Part 4A permission, must apply online at the appropriate regulator website using the form specified on the online notification and application system16.9112412129(1A) An FCA-authorised person wishing to cancel its Part 4A permission which covers only credit-related regulated activities must submit any form, notice or application by using the form in SUP 6 Annex 6 and submitting it in the way set out
SUP 6.4.6GRP
(1) In addition to applying for cancellation of Part 4A permission24 in accordance with SUP 6.4.5 D, a firm may discuss prospective cancellations with its supervisory contact at the appropriate regulator.244 Alternatively a firm can contact the Supervision Hub22 on 0300 500 0597.1424424241414(2) To contact the Cancellations Team: 424(a) write to: Cancellations Team, The Financial Conduct24Authority, 12 Endeavour Square, London, E20 1JN19; or24; or2424(b) email cancellation.team@fca.org.uk24(3)
SUP 6.4.7GRP
When an 4application is received4, the relevant regulator24 will send the firm a written acknowledgement. The firm will be required to provide information which, in the opinion of the relevant regulator,24 is necessary for it to determine whether to grant or refuse the application for cancellation of Part 4A permission.244424424424
SUP 6.4.8GRP
The information which the relevant regulator24 may request on the circumstances of the application for cancellation and the confirmations which the relevant regulator24 may require a firm to provide will differ according to the nature of the firm and the activities it has Part 4A permission24 to carry on.242424
SUP 6.4.12GRP
The relevant regulator24 will usually require the report in SUP 6.4.9 G to be signed by a director or other officer with authority to bind the firm. It may include confirmations from the firm that, in relation to business carried on under its Part 4A permission, it has:24(1) ceased carrying on all regulated activities;(2) properly disbursed funds in its client bank accounts and closed those accounts;(3) discharged all insurance or deposit liabilities; and(4) properly transferred
SUP 6.4.18GRP
(1) A firm which is applying for cancellation of Part 4A permission and which is not otherwise authorised by, or under, the Act should, at the same time:15(a) comply with:15(i) SUP 10A.14.8R (for a firm that has appointed representatives21);1520(ii) SUP 10C.14.5R (for an SMCR firm20); or15(iii) the corresponding PRA requirements; and15(b) notify the the FCA or PRA20 of persons ceasing to perform controlled functions specified by that regulator.15(2) These forms should give the
SUP 6.4.19GRP
The relevant regulator24 will usually not cancel a firm'sPart 4A permission24 until the firm can demonstrate that, in relation to business carried on under that permission, it has, as appropriate:2424(1) ceased carrying on regulated activities or fully run off or transferred all insurance liabilities;(2) repaid all client money and client deposits;(3) discharged custody assets and any other property belonging to clients; and(4) discharged, satisfied or resolved complaints against
SUP 6.4.21GRP
Before the relevant regulator24 cancels a firm'sPart 4A permission,24 the firm will be expected to be able to demonstrate that it has ceased or transferred all regulated activities under that permission. For example, the firm may be asked to provide evidence that a transfer of business (including, where relevant, any client money, customer assets or deposits or insurance liabilities) is complete. As noted in SUP 6.4.9 G, the relevant regulator24 may require the firm to confirm
SUP 6.4.22GRP
In deciding whether to cancel a firm'sPart 4A permission, the relevant regulator24 will take into account all relevant factors in relation to business carried on under that permission, including whether:24(1) there are unresolved, unsatisfied or undischarged complaints against the firm from any of its customers;(2) the firm has complied with CASS 5.5.80 R and CASS 7.11.34R 13 (Client money: discharge of fiduciary duty)24 and CASS 7.11.50 R135(Client money: allocated but unclaimed
SUP 6.4.23GRP
If an application for cancellation of a firm'sPart 4A permission has been granted and a firm's status as an authorised person has been withdrawn (see SUP 6.5) it will remain subject to certain investigative and enforcement powers as a former authorised person. These include:2424(1) information gathering and investigation powers in Part XI of the Act (Investigation gathering and investigations) (seeEG 3 (Use of information gathering and investigation powers)6);6(2) powers to apply
SUP 6.4.28GRP
A decision to grant an application for cancellation of permission will be taken by appropriately experienced staff at the relevant regulator.24 Where, however, the staff dealing with the application recommend that a firm's application for cancellation of Part 4A permission24 be refused, the decision will be subject to the regulator's formal decision making process.24242424324
PERG 2.8.2GRP
Two22 exclusions apply10 to the regulated activity of accepting deposits. The first22 relates to a firm with a Part 4A permission to manage an AIF or manage a UK UCITS22 (see PERG 2.9.22 G (Managers of UK22 UCITS and AIFs)).10 There is also excluded from accepting deposits any activity which is carried on by a local authority (see PERG 2.9.23 G).9 In addition to the situations that are excluded from being 'deposits' (see PERG 2.6.2 G to PERG 2.6.4 G), several persons are exempt
PERG 2.8.3GRP
The following activities are excluded from both the regulated activities of effecting and carrying out contracts of insurance.(1) In specified circumstances, the activities of an EEA firm when participating in a Community co-insurance operation are excluded. A Community co-insurance operation is defined in the Solvency II Directive.1111(2) In specified circumstances, activities that are carried out in connection with the provision of on-the-spot accident or breakdown assistance
PERG 2.8.4GRP
The regulated activity of dealing in investments as principal applies to specified transactions relating to any security or to any contractually based investment (apart from rights under funeral plan contracts or rights to or interests in such contracts). The activity is cut back by exclusions as follows.(1) Of particular significance is the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc). This applies where dealing in investments as principal
PERG 2.8.5GRP
The regulated activity of dealing in investments as agent applies to specified transactions relating to any security or to any relevant investment. The26 activity is cut back by exclusions as follows.(1) An exclusion applies to certain transactions entered into by an agent who is not an authorised person which depend on him dealing with (or through) an authorised person. It does not apply if the transaction relates to a contract of insurance. There are certain conditions which
PERG 2.8.6AGRP
3The exclusions in the Regulated Activities Order that relate to the various arranging activities are as follows.(-1) 25Under article 24A(2), an activity that would otherwise be both arranging and bidding in emissions auctions is specifically excluded from arranging because the activity of bidding in emissions auctions does not form part of any other regulated activity (see PERG 2.7.6DG). 228(1) Under article 26, arrangements that do not or would not bring about the transaction
PERG 2.8.7GRP
The activities of persons appointed under a power of attorney are excluded under article 38 of the Regulated Activities Order, from the regulated activity of managing investments, if specified conditions are satisfied. The exclusion only applies where a person is not carrying on insurance distribution or reinsurance distribution20 and is subject to further limitations discussed below2. In addition, the following exclusions (outlined in PERG 2.9) apply in specified circumstances
PERG 2.8.7BGRP
The following exclusions from assisting in the administration and performance of a contract of insurance also apply to a person in specified circumstances:(1) while acting as trustee or personal representative (see PERG 2.9.3 G); or(2) in connection with the carrying on of a profession or of a business not otherwise consisting of regulated activities (see PERG 2.9.5 G); or(3) [deleted]22(4) as a provider of non-motor goods or services related to travel (see PERG 2.9.19 G); or(5)
PERG 2.8.8GRP
The exclusions from the regulated activity of safeguarding and administering investments are as follows.(1) Safeguarding and administration activities carried on by one person are excluded if a specified third party undertakes a responsibility for the assets which is no less onerous than it would have been if he were doing the safeguarding and administration himself. The effect of this is that an authorised person with permission to carry on this regulated activity (or in certain
PERG 2.8.9GRP
Exclusions from the regulated activity of sending dematerialised instructions apply in relation to certain types of instructions sent in the operation of the system maintained under the Uncertificated Securities Regulations 2001 (SI 2001/3755). The various exclusions relate to the roles played by participating issuers, settlement banks and network providers (such as Internet service providers) and to instructions sent in connection with takeover offers (as long as specified conditions
PERG 2.8.10GRP
10(1) 22The exclusion for business angel-led capital funds (see PERG 2.9.20 G) applies to the activities of managing an AIF, managing a UK UCITS22 and establishing, operating and winding up a collective investment scheme.10There is a third exclusion for insolvency practitioners (see PERG 2.9.25 G).9(2) In addition, there are two further exclusions which apply to the activity of establishing, operating or winding up a collective investment scheme:10(a) the exclusion in PERG 2.9.22
PERG 2.8.11GRP
Two22 exclusions apply to10 the range of activities specified as being regulated in relation to stakeholder pension schemesand personal pension schemes2. 22 The first22 relates to firms with a Part 4A permission to manage an AIF or manage a UK UCITS22 (see PERG 2.9.22 G (Managers of UK22 UCITS and AIFs)).10The second22 relates to insolvency practitioners (see PERG 2.9.25 G).9109910
PERG 2.8.12AGRP
3Advice given by an unauthorised person in relation to a home finance transaction or advising on regulated credit agreements for the acquisition of land12 in the circumstances referred to in PERG 2.8.6AG (5)(a) or (b) (Arranging deals in investments and arranging a home finance transaction) is also excluded. In addition:(1) the following exclusions apply in specified circumstances where a person is advising on investments, advising on regulated credit agreements for the acquisition
PERG 2.8.13GRP
22A firm with a Part 4A permission to manage an AIF or manage a UK UCITS22 is also excluded from carrying on a regulated activity if the person carries on that activity in connection with, or for the purposes of, managing an AIF or managing a UK UCITS22 (see PERG 2.9.22 G).10 Otherwise the only exclusions that apply concern the regulated activity of arranging deals in its application to business carried on at Lloyd's.
PERG 2.8.14GRP
(1) The definition of funeral plan contract excludes those contracts under which the customer and the funeral plan provider intend or expect that the funeral will be provided within one month of the contract being entered into.26(2) The exclusion relating to activities carried on by a local authority (see PERG 2.9.23G) applies to the funeral plan provision activities.(3) [deleted]221010(4) The funeral plan provision activities are subject to the exclusion for firms with a Part
PERG 2.8.14BGRP
3The following exclusions apply in specified circumstances where a person is administering a home finance transaction:55(1) while acting as trustee or personal representative (see PERG 2.9.3 G);(2) in connection with the carrying on of a profession or of a business not otherwise consisting of regulated activities (see PERG 2.9.5 G);10(3) [deleted]22109(4) in connection with, or for the purposes of, managing a UK UCITS23 or managing an AIF and the person has a Part 4A permission
SUP 6.5.1GRP
Under section 33(2) of the Act (Withdrawal of authorisation), if the appropriate regulator cancels a firm'sPart 4A permission,1 and as a result there is no regulated activity for which the firm has permission, the regulator authorising that firm1 is required to give a direction withdrawing the firm's status as an authorised person.111
SUP 6.5.2AGRP
1If the FCA concludes that it should grant an FCA-authorised person's application for cancellation of permission and end its authorisation, the FCA will:(1) cancel the firm'sPart 4A permission under section 55H(3) of the Act;(2) withdraw the firm'sauthorised status under section 33(2) of the Act by giving the firm a direction in writing; and(3) update the firm's entry in the Financial Services Register to show it has ceased to be authorised.
FEES 3.2.2GRP
If an application for a Part 4A permission5256 falls within more than one category set out in FEES 3 Annex 1, other than where one of the applications is an application under the benchmarks regulation,52 only one fee is payable. That fee is the one for the category to which the highest fee tariff applies, unless the contrary intention appears66. Where applications are made under the benchmarks regulation, a separate fee will be payable for this application. 6652
FEES 3.2.3RRP
Unless FEES 3.2.3AR applies, the sum payable under FEES 3.2.1R must be paid online by Maestro, Visa Debit or credit card. If payment is made by credit card, it must be made by Visa, Mastercard or American Express.66
FEES 3.2.3ARRP
66If the fee payer (as specified in column (1) of FEES 3.2.7R) in relation to FEES 3.2.3R(4) is:(a) 66unable to make a payment by any of the methods of payment set out in FEES 3.2.3R66; or(b) 66permitted to make a paper application rather than an online application for a Part 4A permission in respect of credit-related regulated activities only or a variation of its Part 4A permission to add a credit-related regulated activity;66the sum payable under FEES 3.2.1R can be paid by
FEES 3.2.3BGRP
23If FEES 3.2.3AR (1)(a) applies to a fee payer, that fee payer would be expected to notify the FCA of these circumstances in advance of making its payment (and, in any event, no less than 7 days before the date on which the application for a Part 4A permission or the variation of a Part 4A permission is made) unless such notification is impossible in the circumstances, eg, there is a sudden technological failure.
FEES 3.2.5GRP
(1) (a) 37The appropriate authorisation or registration 8fee is an integral part of an application for, or an application for a variation of, a Part 4A permission ,24 authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, registration under article 8(1) of the MCD Order, authorisation under regulation 7 of the DRS Regulations or verification under regulation 8 of the DRS Regulations45 or notification or registration
FEES 3.2.7RRP

Table of application, notification, vetting and other fees payable to the FCA32

31

Part 1A: Application, notification and vetting fees66

31

31(1) Fee payer

(2) Fee payable (£)37 by reference to the pricing category in FEES 3 Annex 1AR.66

Due date

(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (zza)52 of this table

26

(1) Unless (2) or (3)66 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1AR66 which apply to that application.

66(2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply:

66(a) the application is one referred to in paragraph p; or

66(b) the application is a limited permission case under FEES 3 Annex 1.

(3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission66, the fee payable is the higher of: 80

(i) the fee 66payable in (1) or (2); and 80

(ii) the fee payable in FEES 3 Annex 10AR. 80

(4) [deleted]66

1418013434343434343441

On or before the application is made

(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30

As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application.

Within 30 days of the date of the invoice.

(b) [deleted]56

4

(c) [deleted]66

(d) [deleted]66

27		 2727

(da) Persons making an application or notification in relation to applications set out in FEES 3 Annex 2R:

66(i) authorisation order for or recognition under section 272 of the Act of a collective investment scheme;

66(ii)

application for the authorisation of an AIF as an LTIF;

68

66(v) an AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation; and68

66(vi) an applicant for registration on the register of small registered UK AIFM.

58366666

Category applicable to the application or notification set out in FEES 3 Annex 2R66

36

On or before the date the application or notification66 is made

36

(e) Any applicant making an application set out in FEES 3 Annex 14R - Other FCA application fees:66

66(i) Any person seeking an order under section 326(1) of the Act to become a designated professional body;

66(ii) applicant to be added to the list of designated investment exchanges;

66(iii) any applicant for recognition as an accredited body;

66(iv) any applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company;

66(v) an application for recognition of an administrator in accordance with article 32 of the benchmarks regulation;

66(vi) an application for endorsement of a benchmark or family of benchmarks in accordance with article 33 of the benchmarks regulation;

66(vii) an application for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID under regulation 8 of the DRS Regulations;

66(viii) an application for variation of an authorisation under regulation 12 of the DRS Regulations;

66(ix) an application for connection to the market data processor system to provide reports directly to the FCA under MiFIR;

66(x) an application to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 10;

66(xi) an application for authorisation as a third party verifier.

272727

Pricing category applicable to the application set out in FEES 3 Annex 14R66

2727

As specified in FEES 3 Annex 14R66

28

28(ea) [deleted]66

5656

(eb) [deleted]66

28

(f) Persons making an application referred to in FEES 3 Annex 15R – Transaction fees:66

66(i) any applicant for a certificate under article 54 of the Regulated Activities Order;

66(ii) a transferor in the case of an insurance business transfer scheme;

66(iii) an issuer applying for registration of a regulated covered bond;

66(iv) an issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D;

66(v) an applicant for FCA permission for:

66i. an agreement to be enforced under section 28A(3)(a) of the Act; or

66ii. money paid or property transferred under the agreement to be retained under section 28A(3)(b) of the Act.

(vi) 67Applications in respect of controlled functions under the Senior Managers and Certification Regime (SMCR), including applications by principal firms in respect of SMCR functions in appointed representatives.

Pricing category applicable to the application or notification set out in FEES 3 Annex 15R.66

As specified in FEES 3 Annex 15R66

(g) Any applicant for recognition as a UK recognised body:62

(i) under section 287 of the Act; or62

(ii) under regulation 2(1) of the RAP regulations6256

17781717

FEES 3 Annex 3, part 1

On or before the date the application is made26

(ga) [deleted]52

26353535

(h) Any applicant for recognition as an ROIE78 under section 287 or section 292 of the Act

7878

FEES 3 Annex 3, part 2

On or before the date the application is made

(i) [deleted]35

35		 35 35

(j) [deleted]38

38

38

(k) [deleted]35

35		 35 35

(l) [deleted]38

38

72

38

(m) [deleted]38

38

72

38

(n) [deleted]66

(o) [deleted]65

112229529782929556782929295557829295782929297829295

[deleted]65

5255512515555157857855256

[deleted]65

278292978292978229

(oa) [deleted]65

2937373737585637373737583737

[deleted]65

37

[deleted]65

37373737

(p) A firm applying for a variation of its Part 4A permission, as referred to in FEES 3 Annex 16R66, whose fee is not payable pursuant to sub- paragraphs 64(zza)52 or (zzh) 64 of this table

26

(1) As specified in FEES 3 Annex 1R-FEES 3 Annex 14R66

(2) Subject to (3) below, if the new business of the firm would fall within more than one pricing category in FEES 3 Annex 1AR, the fee payable is that in the highest pricing category applicable to the application.66

(2A) [deleted]66

(3) [deleted]66

(3A) [deleted]66

(3B) [deleted]66

(3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee payable is the highest of:66

66(i) the fees set out in FEES 3 Annex 10AR;

(ii) the amount payable in accordance with FEES 3 Annex 16R;

(3D) [deleted]66

(4) [deleted]66

[deleted]66

3080444130808011178783778378080371137373030233737373730373737303711113737303730804111781444444

On or before the date the application is made

30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”)

As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application.

Within 30 days of the date of the invoice.

2(q) [deleted]38

77137913797722227

38

38

333

2(r) [deleted]46

 66 566

(s) [deleted]66

5		 7777375937597777377737 37

6(t) [deleted]46

20

(u) [deleted]34

34		 34 34

(v) [deleted]38

2222

38

38

[deleted]35

35		 35 35

(x)[deleted]38

38

388

(y) A person who makes an application or notification to the FCA under the Payment Services Regulations, including an application for variation of authorisation or registration.66

8

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 8R66.

47

On or before the date the application is made.

(ya) [deleted]66

47		 47 47

(z) [deleted]66

47

(za) [deleted]66

47

(zb) [deleted]66

47		 5050475050475047474747475050

(zc) [deleted]66

47		 474747474747

(zd)

47		 47

[deleted]47

(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12

12

Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .

30 days of the date of the invoice.9

(zf) [deleted]78

78		 78 91678

(zg) A person who makes an application or notification to the FCA under the Electronic Money Regulations, including an application for variation of authorisation or registration66.

16

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 10R.66

On or before the date the application is made.

(zh) [deleted]66

16

(zi) [deleted]66

1614

(zj) [deleted]66

16		 5050

(zk) [deleted]66

16

(zl) [deleted]66

15		 18

(zm) [deleted]66

18		 4141

(zn) [deleted]66

18		 4141 21

21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R, either:

(i) a Firm (as defined in CONRED 2.1.1R(1); or

(ii) a person falling within CONRED 2.1.2R(1).

An amount equal to:

(1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or

(2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R.

Within 30 days of the date of the invoice.

78(zp) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2.

37

Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA37 pursuant to section 166(3)(b) of the Act.

37

Within 30 days of the date of the invoice.

78(zq) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act .

37

Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166A(2)(b) of the Act.

3737

Within 30 days of the date of the invoice.33

33(zr) [deleted]38

38

38

(zs) [deleted]66

3031		 31303131

(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 80

Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 80

(1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 80

(2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 80

On or before the application is made.80

(zu)40 Any person to which the Designated Credit Reference Agencies and Finance Platform42 Fee applies under FEES 3 Annex 10B.

39

Designated Credit Reference Agencies and Finance Platform42 Fee in accordance with FEES 3 Annex 10B.

Within 30 days of the date of the invoice.

43(zv) Any firm that meets the test in FEES 3 Annex 10C(1)R(1) (PPI campaign fees).

The amount set out in FEES 3 Annex 10C(1) R(2).

Within 30 days of the date of the invoice.

(zw) [deleted]66

4563634963

(zx) [deleted]66

46		 63

(zy) [deleted]66

464956

56

63

(zz) [deleted]66

51

52(zza) An application for authorisation as a regulated benchmark administrator.

The highest of the applicable tariffs set out in FEES 3 Annex 1AR.66

Where an applicant intends to administer benchmarks falling into different complexity groupings, it will pay one fee only, for the highest category applied for. If, once authorised, a regulated benchmark administrator notifies the FCA of its intention to administer other/additional benchmarks no further application fee is payable (even if the other/additional benchmark falls into a higher complexity category).

On the date the application is made.

(zzb) [deleted]66

52

(zzc) [deleted]66

52

54(zzd) applications for claims management companies

The fee applicable to the application as set out in paragraph CMC of Part 2 of FEES 3 Annex 1R.66

Firms which already have Part 4A permissions and are applying to vary their permissions will pay 50% of66 the relevant fee.

On the date the application is made.

(zze) [deleted]66

55

61(zzf) UK-based applicants for registration as a trade repository; a securitisation repository, or a third country applicant seeking recognition as a trade repository.

5,000

Applicants for registration as a trade repository who already hold registration as a securitisation repository, or vice versa, will receive a 50% discount on the relevant application fee.

Applicants for registration as a trade repository to carry on activity for the purposes of UK SFTR who already hold registration as a trade repository under EMIR or vice versa, will receive a 50% discount on the relevant application fee.

On the date the application is made.

61(zzg) UK-based applicants for registration as a credit rating agency or a third country applicant seeking certification as a credit rating agency.

The fee set out in FEES 3 Annex 13R.

On the date the application is made.

64(zzh) Permission for

(1) carrying on funeral plan distribution;

(2) carrying out a funeral plan contract as provider; or

(3) carrying out a funeral plan contract as provider and entering as provider into a funeral plan contract.

(1) The highest of the tariffs set out in FEES 3 Annex 1R part 3A which apply to that application, subject to (2) and (3) below.

(2) Unless (3) below applies, where an applicant was carrying out any of the activities referred to in (zzh)(1)-(3) on 1 September 2021, and makes an application for permission for any of those activities after 1 November 2021, the application fees shall be:

(a) £3,500 for (zzh)(1) or zzh(2);

(b) £14,000 for (zzh)(3).

(3) If an applicant which already has any of the permissions referred to in (zzh) applies to vary its permission, the application fees shall be:

(a) £500 for (zzh)(1);

(b) £1,250 for (zzh)(2); and

(c) £5,000 for (zzh)(3).

On or before the application is made.

32Part 2: UKLA38 fees

(1) Fee payer

(2) Fee payable

(3) Due date

(a)

(i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R.

(ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2).

FEES 3 Annex 12R38

Within 30 days of the date of the invoice.

38(b) An applicant for approval as a sponsor.

FEES 3 Annex 12R

On or before the date the application is made.

38(c) For the purposes of48 the listing rules:48

(i)48 an issuer requesting approval of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction; or48

48(ii) an issuer or person applying for eligibility for listing of its securities.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(d) Under the Prospectus Rules or the Prospectus Regulation60, an issuer or a person requesting approval or review of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(e) An issuer requesting the approval or review of a document in connection with a super transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(f) An issuer requesting the approval or review of a document in connection with a significant transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(g) A person who requests the FCA’s approval of a document that includes a mineral expert’s report and who is a fee payer under one or more of the categories (c), (d), (e), and (f) above must additionally pay a fee under this category.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(h) An applicant for approval as a primary information provider.

FEES 3 Annex 12R

On or before the date the application is made.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

SUP 7.2.1GRP
The FCA5 has the power under section 55J7 of the Act and, in respect of FCA-authorised persons, Schedule 6A to7 the Act to vary or cancel7 a firm'sPart 4A permission and/or, under section 55L of the Act, to7 impose a requirement on a firm. Varying a firm’s Part 4A permission can include removing one or more regulated activities from those to which the Part 4A permission relates, varying the description of such an activity and/or7 imposing a limitation on that Part 4A permission.
SUP 7.2.2GRP
The circumstances in which the FCA5 may vary or cancel7 a firm'sPart 4A permission5 on its own initiative or impose a requirement on a firm5 under sections 55J or 55L5 of the Act include where it appears to the FCA5 that:5555(1) one or more of the threshold conditions for which the FCA is responsible5 is or is likely to be no longer satisfied by the firm7; or (2) it is desirable to vary or cancel7 a firm's permission in order to meet any of the FCA's5 statutory objectives under
SUP 7.2.4GRP
The FCA5 may use its own-initiative powers5 and additional own-initiative variation power7 only in respect of a firm's5Part 4A permission5; that is, a permission granted to a firm under sections 55E or 55F5 of the Act (Giving permission) or having effect as if so given. 6555522
SUP 7.2.4BGRP
5In the case of a dual-regulatedPRA-authorised person, the FCA may exercise its own-initiative variation power to add a new regulated activity other than a PRA-regulated activity to those activities already included in the firm'sPart 4A permission, or to widen the description of a regulated activity, only after consulting with the PRA.
SUP 7.2.6GRP
A firm has a right of referral to the Tribunal4 in respect of the FCA exercising its own-initiative powers on5 the firm'sPart 4A permission.5255
SUP 15.13.2GRP
The nature of a CBTL firm's obligation under article 12 of the MCD Order will depend on whether the CBTL firm has a Part 4A permission to carry on one or more regulated activities.
SUP 15.13.3GRP
The circumstances in which a CBTL firm which has a Part 4A permission should notify the FCA include but are not limited to when:(1) it ceases to carry on CBTL business and does not propose to resume carrying on CBTL business in the immediate future. This does not include circumstances where the CBTL firm temporarily withdraws its products from the market or is preparing to launch fresh products; or(2) it applies to cancel its Part 4A permission; or(3) it applies to vary its Part
SUP 15.13.4GRP
The circumstances in which a CBTL firm which does not have a Part 4A permission should notify the FCA include but are not limited to when:(1) it ceases to carry on CBTL business and does not propose to resume carrying on CBTL business in the immediate future; this does not include circumstances where the CBTL firm temporarily withdraws its products from the market or is preparing to launch fresh products; or(2) it changes its registered office or place of residence as the case
SUP 15.13.7GRP
The MCD Order requires notification to be given immediately. The FCA expects CBTL firms to act with all due urgency in notifying it of any relevant event, and it is unlikely that the FCA will regard delay in excess of 5 working days as complying with the CBTL firm's obligations.
SUP 6.1.1GRP
This chapter applies to every firm with a Part 4A permission7 which wishes to:7(1) vary its Part 4A permission;7 or7(2) cancel its Part 4A permission7 and end its authorisation;777(3) have a new requirement imposed on it;7(4) vary a requirement imposed on it; or7(5) cancel a requirement imposed on it.7
SUP 6.1.3AGRP
(1) 7In SUP 6 the "relevant regulator" is the regulator to which a firm with a Part 4A permission has made or can make (in accordance with SUP 6) an application to vary or cancel its Part 4A permission or to have imposed on it a new requirement or to vary or cancel any existing requirement (see SUP 6.2.3A G to SUP 6.2.3E G).(2) Where the PRA can only determine an application with the consent of the FCA, the FCA may request further information as if it were the relevant regulator.(3)
SUP 6.1.4GRP
This chapter explains:(1) how a firm with a Part 4A permission7 can apply to the relevant regulator7 to vary that permission;77(2) how a firm which has ceased to carry on any of the regulated activities for which it has a Part 4A permission,7 or which expects to do so in the short term (normally less than six months), should apply to the relevant regulator7 to cancel that permission completely; 77(2A) how a firm with a Part 4A permission can apply to the relevant regulator to:7(a)
SUP 6.1.5GRP
This chapter also outlines the relevant regulator's powers to withdraw authorisation from a firm whose Part 4A permission7 has been cancelled at the firm's request.727
SUP 6.1.6GRP
7This chapter does not cover the FCA's use of its own-initiative variation power or, in respect of FCA-authorised persons, its additional own-initiative variation power6 to vary or cancel a firm'sPart 4A permission or its own-initiative requirement power to impose, vary or cancel a requirement (see SUP 7 (Individual requirements) and EG 8 (Variation and cancellation of permission and imposition of requirements6 on the FCA's own initiative and intervention against incoming fir
EG 8.5.1RP
1The FCA will consider cancelling a firm'sPart 4A permission using its own-initiative powers contained in sections 55J and 55Q respectively of the Act in two main circumstances: (1) where the FCA has very serious concerns about a firm, or the way its business is or has been conducted; (2) where the firm'sregulated activities have come to an end and it has not applied for cancellation of its Part 4A permission.
EG 8.5.2RP
1The grounds on which the FCA may exercise its power to cancel an authorised person's permission under section 55J of the Act are the same as the grounds for variation and for imposition of requirements. They are set out in section 55J(1) and section 55L(2) and described in EG 8.1.1. Examples of the types of circumstances in which the FCA may cancel a firm'sPart 4A permission include: (1) non-compliance with a Financial Ombudsman Service award against the
EG 8.5.3RP
1Depending on the circumstances, the FCA may need to consider whether it should first use its own-initiative powers to impose requirements on a firm or to vary a firm'sPart 4A permission before going on to cancel it. Amongst other circumstances, the FCA may use this power where it considers it needs to take immediate action against a firm because of the urgency and seriousness of the situation.
EG 8.5.4RP
1Where the situation appears so urgent and serious that the firm should immediately cease to carry on all regulated activities, the FCA may first vary the firm'sPart 4A permission so that there is no longer any regulated activity for which the firm has a Part 4A permission. If it does this, the FCA will then have a duty to cancel the firm'sPart 4A permission - once it is satisfied that it is no longer necessary to keep the Part 4A permission in force.
EG 8.5.5RP
1However, where the FCA has cancelled a firm'sPart 4A permission, it is required by section 33 of the Act to go on to give a direction withdrawing the firm'sauthorisation. Accordingly, the FCA may decide to keep a firm'sPart 4A permission in force to maintain the firm's status as an authorised person and enable it (the FCA) to monitor the firm's activities. An example is where the FCA needs to supervise an orderly winding down of the firm's regulated business (see SUP 6.4.22 (When
SUP 3.1.2RRP

Applicable sections (see SUP 3.1.1 R)

This table and the provisions in SUP 3 should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular, the PRA does not apply any of the provisions in SUP 3 in respect of FCA-authorised persons. SUP 3.10 and SUP 3.11 are applied by the FCA only.41

(1) Category of firm

(2) Sections applicable to the firm

(3) Sections applicable to its auditor

(1)

Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters 3, 519 or 13 of IPRU(INV) and which has an auditor appointed under or as a result of a statutory provision other than in the Act9 (Notes 1 and 6)23

23192323

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

(2)

Authorised professional firm not within (1) to which the custody chapter or client money chapter applies22

172223

SUP 3.1 - SUP 3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(3)

Authorised professional firm not within (1) or (2) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(4)

Bank, building society or dormant account fund operator21which in each case carries on designated investment business21(Notes 2A and 6)23

23

SUP 3.1-SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(5)

Bank, building society or a dormant account fund operator which in each case does not carry on designated investment business21 (Note 2A)

21

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(5A)

Credit union

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.824

27(5B)30

CASS debt management firm unless subject to a requirement imposed under section 55L of the Act stating that it must not hold client money or such a requirement to the same effect30

SUP 3.1

SUP 3.10

SUP 3.11

SUP 3.1

SUP 3.10

33(5C)

CASS 7 loan-based crowdfunding firm

SUP 3.1-3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

36(5D)

A CASS 13 claims management firm

SUP 3.1- 3.7, 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(6)

Insurer, the Society of Lloyd's, underwriting agent or members' adviser, UK ISPV11 (Note 5)7

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(7)

Investment management firm,39personal investment firm (other than a small personal investment firm)39, 15securities and futures firm or collective portfolio management firm that is an external AIFM28 which, in each case, has an auditor appointed under or as a result of a statutory provision other than in the Act9(Notes 3 and 623)17

16239282820151723

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

9(7A)

Investment management firm39, personal investment firm (other than a small personal investment firm39),28securities and futures firm39 or collective portfolio management firm that is an external AIFM28 not within (7) to which the custody chapter or client money chapter applies22

2015232815201722

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1025

32

25

9(7B)

Collective portfolio management firm that is a 28UCITS firm13or an internally managed AIF28 (Note 6)23

13

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

13(7C)

MiFID investment firm38, which has an auditor appointed under or as a result of a statutory provision other than in the Act (Notes 3B and 6)2320

2023

SUP 3.1 - 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1014

17(7D)

Sole trader or partnership that is a MiFID investment firm3839(Notes 3C and 6)2320

202023

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(8)

Small personal investment firm or service company which, in either case, has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(9)8

Home finance provider10 which has an auditor appointed under or as a result of a statutory provision other than in the Act9

10

SUP 3.1 - SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(10)8

Insurance intermediary (other than an exempt insurance intermediary) to which the insurance client money chapter17 (except for CASS 5.2 (Holding money as agent)) applies (see Note 4)8

17

SUP 3.1 - SUP 3.78, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.108

(11)8

Exempt insurance intermediary and insurance intermediary not subject to SUP 3.1.2 R(10) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(12)8

Home finance intermediary10 or home finance administrator10 which has an auditor appointed under or as a result of a statutory provision other than in the Act.

1010

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

Note 1 = This chapter applies to an authorised professional firm in row (1) (and its auditor) as if the firm were of the relevant type in the right-hand column of IPRU(INV) 2.1.4R.

Note 2 [deleted]23

171723

Note 2A = For this purpose, designated investment business does not include either or both:

(a) dealing which falls within the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so); and

(b) dealing in investments as principal (or agreeing to do so):

(i) by a firm whose permission to deal in investments as principal is subject to a limitation to the effect that the firm, in carrying on this regulated activity, is limited to entering into transactions in a manner which, if the firm was an unauthorised person, would come within article 16 of the Regulated Activities Order (Dealing in contractually based investments); and

(ii) in a manner which comes within that limitation;

having regard to article 4(4) of the Regulated Activities Order (Specified activities: general23).

18

Note 3 = This note applies in relation to an oil market participant to which IPRU(INV) 3 does not apply and in relation to an energy market participant to which IPRU(INV) 3 does not apply. In SUP 3:

(a) only SUP 3.1, SUP 3.2 and SUP 3.7 are applicable to such a firm; and

(b) only SUP 3.1, SUP 3.2 and SUP 3.8 are applicable to its auditor;

and, in each case, only if it has an auditor appointed under or as a result of a statutory provision other than in the Act.

17Note 3A [deleted]23

23

20Note 3B = MiFID investment firms38 include firms that are eligible to be MiFID optional exemption firms but have chosen not to exercise the article 3 exemption. However, such firms may still benefit from the audit exemption for small companies in the Companies Act legislation39.

31

17Note 3C20 = A sole trader or a partnership that is a MiFID investment firm38 to which the custody chapter22 or client money chapter applies2220 must have its annual accounts audited.

2020202222

Note 4 = The client money audit requirement in SUP 3.1.2 R(10) therefore applies to all insurance intermediaries except:8

• those which do not hold client money or other client assets in relation to insurance distribution activities34; or 8

• those which only hold up to, but not exceeding, £30,000 of client money under a statutory trust arising under CASS 5.3.8

Insurance intermediaries which, in relation to insurance distribution activities34, hold no more than that amount of client money only on a statutory trust are exempt insurance intermediaries.8

Note (5) = In row (6):7

(a)7

SUP 3.1 - SUP 3.7 applies to a managing agent in respect of its own business and in respect of the insurance business of each syndicate which it manages; and7

(b)7

SUP 3.1, SUP 3.2 and SUP 3.8 apply to the auditors of a managing agent and the auditors of the insurance business of each syndicate which the managing agent manages.1234567

23Note 6 = Where SUP 3.11 applies to a firm, and SUP 3.10 applies to the auditor of that firm, those sections apply whether or not that firm'spermission prevents it from holding client money or custody assets and whether or not it holds client money or custody assets.A collective portfolio management firm that is an internally managed AIF is required to appoint an auditor under FUND 3.3.6R (2) (Annual report of an AIF) because the AIFM is also an AIF.28
SUP 3.1.3RRP
[deleted]371717171717
SUP 3.1.4GRP
[deleted]37
SUP 3.1.5RRP
[deleted]37
PERG 5.12.4GRP

Table Territorial issues relating to overseas insurance intermediaries carrying on insurance distribution activities5 in or into the United Kingdom

Needs Part 4A permission

6

Overseas persons exclusion available

6

6

6

6

6

6

6

6

Third country intermediary operating from branch in the UK

Yes

6

No

Third country intermediary providing services in (or into) the UK

Yes unless overseas persons exclusion applies

6

Potentially available

6

6

35
PERG 5.12.11GRP
UK-based persons must obtain Part 4A permission in relation to their insurance distribution activities5 in the United Kingdom as one of the following:(1) a body corporate whose registered office is situated in the United Kingdom; or(2) a partnership or unincorporated association whose head office is situated in the United Kingdom; or(3) an individual (that is, a sole trader) whose residence is situated in the United Kingdom.5
PERG 5.12.12GRP
Non-UK-based persons wishing to carry on insurance distribution activities5 in the United Kingdom must:(1) [deleted]6(2) make use of the overseas persons exclusion (which then has the effect that activities are deemed not to be regulated activities carried on in the United Kingdom); or(3) seek Part 4A permission.
PERG 5.12.14GRP
Non-UK-based6 insurance intermediaries wishing to establish a branch in the UK for the purpose of carrying on insurance distribution activities5 may only do so with Part 4A permission.
FEES 3.1.6GRP
[deleted]1615799779915
FEES 3.1.6CGRP
20Application fees for registration under article 8(1) of the MCD Order are set out in FEES 3 Annex 10AR. The fee depends on whether the firm holds an existing Part 4A permission16 or has previously registered as a CBTL firm and that registration has been revoked under article 13 of the MCD Order.
FEES 3.1.7GRP
A potential applicant for Part 4A permission1715has the opportunity to discuss its proposed application 15with the 9FCA before submitting it formally.2 If an applicant for Part 4A permission1715does so, the 9FCA will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid. 171717922171717179
FEES 3.1.8AGRP
Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1AR and FEES 3 Annex 16R16. 9979[Note: PRA-authorised persons may also pay regulatory transaction fees to the PRA set out in Chapter 4 of the Fees Part of the PRA Rulebook.]
MIPRU 4.1.1RRP
2This chapter applies to a firm with Part 4A permission to carry on any of the following activities, unless an exemption in this section applies:(1) insurance distribution activity11;(2) home finance mediation activity;11(3) home financing1;14114(4) home finance administration1.14114
MIPRU 4.1.2GRP
[deleted]123311
MIPRU 4.1.6RRP
This chapter does not apply to a firm whose Part 4A permission is limited to regulated activities which are designated investment business.
MIPRU 4.1.18GRP
Social housing firms undertake small amounts of home finance1business even though their main business consists of activities other than regulated activities. Their home financing1is only done as an adjunct to their primary purpose (usually the provision of housing) and is substantially different in character to that done by commercial lenders. Furthermore, they are subsidiaries of local authorities or registered social landlords which are already subject to separate regulation.
IPRU-INV 5.3.1RRP
1A firm must calculate its own funds in accordance with IPRU-INV 5.8, unless the firm has a Part 4A permission for acting as trustee or depositary of a UK UCITS2. .
IPRU-INV 5.3.2RRP
For a firm that has a Part 4A permission for acting as trustee or depositary of a UK UCITS2, own funds has the meaning in article 4(1)(118) of the UK CRR3.
FEES 5.9.3GRP
[deleted]3838
SUP 7.1.2GRP
[deleted]322
EG 8.6.1RP
3The FCA has a power under section 55Q to vary, or alternatively cancel, a firm’sPart 4A permission, or to impose requirements on a firm, in support of an overseas regulator. Section 55Q, (5) and (6) sets5 out matters the FCA may, or must, take into account when it considers whether to exercise these powers. 5
EG 8.6.4RP
3The FCA will actively consider 5requests for assistance from overseas regulators5Section 55Q, which sets out matters the FCA may take into account when it decides whether to vary or cancel a firm’sPart 4A permission or to impose requirements on a firm in support of the overseas regulator, applies in these circumstances.
EG 8.6.5RP
3Where section 55Q(5) applies and the FCA is considering whether to vary a firm'sPart 4A permission or to impose requirements on a firm, it may take account of all the factors described in paragraphs 8.6.1 to 8.6.8 but may give particular weight to: (1) the matters set out in paragraphs (c) and (d) of section 55Q(5) (seriousness, importance to persons in the United Kingdom, and the public interest); and (2) any specific request made to it by the overseas regulator to impose requirements
DISP 1.10A.1RRP
(1) 1Unless (1A) applies to the firm, where,27 in accordance with DISP 1.10.1 R, a firm submits a report to the FCA reporting 500 or more complaints, it must publish a summary of the complaints data contained in that report (the complaints data summary).27(1A) (a) This paragraph applies to a firm which:(i) has permission to carry on only credit-related regulated activities or to operate an electronic system in relation to lending3; and(ii) has revenue arising from those activities3
DISP 1.10A.3RRP
(1) Where the firm's relevant reporting period (as defined in DISP 1.10.4 R or DISP 1.10.4A R as the case may be27) ends between 1 January and 30 June, the firm must publish the complaints data summary no later than 31 August of the same year.(2) Where the firm's relevant reporting period (as defined in DISP 1.10.4 R or DISP 1.10.4A R as the case may be27) ends between 1 July and 31 December, the firm must publish the complaints data summary no later than 28 February of the following
DISP 1.10A.12GRP
4For firms with only a limited permission that report complaints to the FCA under the reporting requirements in SUP 16.12, the FCA will publish the firm-level complaints data reported to it after the FCA receives an email from the firm under DISP 1.10A.4R. That email should confirm that the total number of complaints accurately reflects the report submitted to the FCA under SUP 16.12, that the total number of complaints has been published and where the information has been pu
DEPP 1.2.2GRP

Table: Summary of statutory and related notices

Notice

Description

Act reference

Further information

Warning notice

Gives the recipient details about action that the FCA2 proposes to take and about the right to make representations.

2

Section 387

DEPP 2.2

Decision notice

Gives the recipient details about action that the FCA2 has decided to take. The FCA2 may also give a further decision notice if the recipient of the original decision notice consents.

22

Section 388

DEPP 2.3

Notice of discontinuance

Identifies proceedings set out in a warning notice or decision notice and which are not being taken or are being discontinued.

Section 389

DEPP 1.2.4 G and DEPP 3.2.26 G

Final notice

Sets out the terms of the action that the FCA2 is taking.

2

Section 390

DEPP 1.2.4 G

Supervisory notice

Gives the recipient details about action that the FCA2 has taken or proposes to take, for example to vary a Part 4A permission.2

22

Section 395(13)

DEPP 2.2 and DEPP 2.3
DEPP 1.2.4BGRP
2Where an application for Part 4A permission is made to the PRA as the appropriate regulator (section 55A(2)(a) of the Act), the PRA may only give permission with the consent of the FCA (section 55F of the Act). FCA consent can be conditional on the PRA imposing limitations or specifying the permission is for certain regulated activities only.
DEPP 1.2.4CGRP
2Where an application to vary a Part 4A permission is made to the PRA as the appropriate regulator (section 55A(2)(a) of the Act), the PRA may only give permission with the consent of the FCA (section 55I of the Act). The FCA may withhold its consent to a proposed variation if it appears to it that it is desirable to do so in order to advance one or more of its operational objectives. FCA consent can be conditional on the PRA imposing limitations, or the PRA specifying the permission