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.

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.]