Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

DEPP 6A.3A Determining the appropriate length of the period of limitation for approvals under section 59 of the Act


1The FCA will consider all the relevant circumstances when it determines the period of limitation. Set out below is a list of factors that may be relevant for this purpose. The list is not exhaustive: not all of these factors may be applicable and there may be other factors, not listed, that are relevant.


1The following factors may be relevant when determining the period of limitation:

  1. (1)

    whether the FCA may be minded to reapprove the approved person in the future, for example if the approved person takes action specified by the FCA during the period of limitation;

  2. (2)

    the approved person's expected lost earnings if the FCA imposes a short period of limitation;

  3. (3)

    whether imposing a short period of limitation would cause the approved person serious financial hardship.