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 8.4 Use of the own-initiative variation of approval power in urgent cases

DEPP 8.4.1GRP

1The FCA may impose a variation of approval to take effect immediately, or on a specified date, if it reasonably considers that this is necessary having regard to the reasons for which it is exercising the own-initiative variation of approval power.

DEPP 8.4.2GRP

The FCA will consider exercising its own-initiative variation of approval power as a matter of urgency where:

  1. (1)

    the information available to it indicates serious concerns about the SMF manager or their firm that need to be addressed immediately; and

  2. (2)

    circumstances indicate that it is appropriate to use statutory powers immediately to require and/or prohibit certain actions by the SMF manager to ensure these concerns are addressed.