on the application of the firm to whom it was given; or
it is desirable to do so in order to advance one or more of its operational objectives.
[Note: section 55NA(8) of the Act]
1In deciding whether to vary or cancel a firm’s approver permission on its own initiative, the FCA will take into account all relevant factors in relation to the firm’s business. This may include its business model, the commercial environment and any legitimate explanation for the manner in which the firm has used its approver permission or for its failure to use its approver permission.
1The FCA will consult the PRA before varying or cancelling, on the FCA’s own initiative, the terms of the approver permission of a PRA-authorised person or a member of a group which includes a PRA-authorised person.
Where the FCA varies the terms of, or cancels, the approver permission of a Gibraltar-based person on its own initiative, the FCA is not obliged to consult with the Gibraltar regulator but the FCA will inform the Gibraltar regulator in writing of the variation or cancellation.
[Note: section 55NA(9) and (10) of the Act]
The procedure that will be followed in each case is set out in DEPP 2.