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Status: You are viewing the version of the handbook as on 2005-06-30.

SIFA 15.2 Cancellation of permission

SIFA 15.2.1G

If your firm wishes to cease carrying on all regulated activities for which your firm holds permission, you may apply for a cancellation of Part IV permission. You may do this whilst still carrying out business so long as your firm has formal plans to cease all regulated activities in the short term (normally 6 months from the date of application for the cancellation of permission).

SIFA 15.2.2G

As with VOPs, we may cancel a firm's permission under our own-initiative powers.

SIFA 15.2.3G

A firm applying for cancellation should, at the same time, notify us of the persons who perform controlled functions.

SIFA 15.2.4G

We will not usually grant a cancellation request until the firm can demonstrate that it has:

  1. (1)

    ceased all regulated activities;

  2. (2)

    repaid all client money and client deposits;

  3. (3)

    discharged custody assets and all other property belonging to clients; and

  4. (4)

    discharged, satisfied, or resolved all complaints against the firm.

Application procedure

SIFA 15.2.5G

You must make a request for a cancellation in writing (to the Cancellation Team at the FSA) stating the reasons and circumstances for the application and the date at which your firm ceased, or intends to cease, all regulated activities. When we receive the application, we will send your firm an acknowledgement that will explain the cancellation process and detail the information required.

SIFA 15.2.6G

As with VOPs, until the cancellation has been approved, your firm must inform us immediately it becomes aware of any significant changes in the information you have submitted.

SIFA 15.2.7G

To contact the Corporate Authorisation Cancellation Team:

  1. (1)

    telephone on 020 7066 1102; fax on 020 7066 1099; or

  2. (2)

    write to: Corporate Authorisation Cancellation Team, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS; or

  3. (3)

    email corporate.authorisation@fsa.gov.uk

SIFA 15.2.8G

SUP 6 Ann 3 provides a flowchart that summarises the procedures for applying for a cancellation of Part IV permission.

SIFA 15.2.9G

The following sections of this Overview are also relevant:

•'Notifications' - Chapter 12.2; and

•'Variation of permission (VOP)' - Chapter 15.1.