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WDPG 3.9 Cancellation of permission

WDPG 3.9.1G

1A firm needs to have its Part 4A permission cancelled to complete the wind-down process. Before the FCA can grant a cancellation, we will review, among other things:

  1. (1)

    generally, whether it would be detrimental to customers or would cause market disruptions to cancel the permission;

  2. (2)

    whether there remain any long-term “tail” commitments for which arrangements acceptable to the FCA have not yet been made;

  3. (3)

    whether there are any existing unresolved customer complaints or any that might reasonably be expected in the future;

  4. (4)

    whether all client monies and client assets (if any) have been returned in accordance with CASS rules; and

  5. (5)

    whether there are any outstanding fees owed to the FCA.

[Note: Although we aim to complete a cancellation transaction as quickly as possible, we will need sufficient time to consider whether a firm meets the regulatory requirements or prerequisites for cancellation of permission.]