DEPP 8.4 Use of the own-initiative variation of approval power in urgent cases
The FCA will consider exercising its own-initiative variation of approval power as a matter of urgency where:
- (1)
the information available to it indicates serious concerns about the SMF manager or their firm that need to be addressed immediately; and
- (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.