1When considering whether to grant or refuse an application under section 329(3) of the Act to vary or revoke a disapplication order, the FCA will take into account all the relevant circumstances. These may include, but are not limited to:
any steps taken by the person to rectify the circumstances which gave rise to the original order;
the circumstances giving rise to the original order and any additional information which, had it been known by the FCA, would have been relevant to the decision to make the order;
the amount of time which has elapsed since the order was made.
1The FCA will not generally grant an application to vary a disapplication order unless it is satisfied that the proposed variation will not result in the person presenting the same degree of risk to clients or consumers that originally gave rise to the order to disapply the exemption. Similarly, the FCA will not revoke a disapplication order unless and until it is satisfied that the person concerned is fit and proper to carry out exempt regulated activities generally or those specific exempt regulated activities in relation to which the exemption has been disapplied.