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.

SUP 6.5 Ending authorisation

SUP 6.5.1GRP

Under section 33(2) of the Act (Withdrawal of authorisation), if the appropriate regulator cancels a firm's Part 4A permission,1 and as a result there is no regulated activity for which the firm has permission, the regulator authorising that firm1 is required to give a direction withdrawing the firm's status as an authorised person.

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SUP 6.5.2G

[deleted]1

1
  1. (1)
  2. (2)
  3. (3)
SUP 6.5.2AGRP

1If the FCA concludes that it should grant an FCA-authorised person's application for cancellation of permission and end its authorisation, the FCA will:

  1. (1)

    cancel the firm's Part 4A permission under section 55H(3) of the Act;

  2. (2)

    withdraw the firm's authorised status under section 33(2) of the Act by giving the firm a direction in writing; and

  3. (3)

    update the firm's entry in the Financial Services Register to show it has ceased to be authorised.