The chapter outlines:
the FSA's own-initiative power to cancel Part IV permission under sections 45 (Variation etc on the FSA's own initiative) and 47 (Exercise of power in support of overseas regulator) of the Act and its duty to withdraw authorisation under section 33 (Withdrawal of authorisation by the FSA);
the procedure for exercising those powers; and
the FSA's policy in relation to the exercise of those powers.
The statement of policy in this chapter applies to circumstances where the FSA is considering using its own-initiative power to cancel a firm's Part IV permission (and subsequently to withdraw authorisation). The FSA also has power under section 44 of the Act (Variation etc at the request of authorised person) to cancel a Part IV permission at the request of a firm. SUP 6 (Applications to vary and cancel Part IV permission) contains a statement of the FSA's policy in relation to that power. In this chapter cancellation of Part IV permission means cancellation of Part IV permission on the FSA's own initiative.