SUP 6.5 Ending authorisation
Under section 33(2) of the Act (Withdrawal of authorisation by the FSA), if the FSA cancels a firm's Part IV permission, and as a result there is no regulated activity for which the firm has permission, the FSA is required to give a direction withdrawing the firm's status as an authorised person.
If the FSA concludes that it should grant a firm's application for cancellation of permission and end its authorisation, the FSA will:
- (1)
cancel the firm's Part IV permission under section 44(2) of the Act;
- (2)
withdraw the firm's authorised status under section 33(2) of the Act by giving the firm a direction in writing; and
- (3)
update the firm's entry in the FSA register to show it has ceased to be authorised.