Related provisions for SUP 6.4.7
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21Under section 55H(3) of the Act (Variation by FCA at request of authorised person), if an FCA-authorised person applies to the FCA, the FCA may cancel its Part 4A permission. Cancellation applies to a firm's entire Part 4A permission, that is to every activity and every specified investment and not to the individual elements such as specified investments. Changes to the individual elements of a permission would require a variation.
(1) A firm may apply to the relevant regulator to cancel its Part 4A permission21 before it has ceased carrying on all regulated activities. However, where a firm makes a formal application for cancellation of its permission when it has not yet ceased carrying on regulated activities, the relevant regulator21 will expect the firm:2121(a) to cease those regulated activities within the short term (normally no more than six months from the date of application for cancellation);
Additional guidance for a firm carrying on insurance business, accepting deposits, operating a dormant account fund8 or which holds client money or customer's assets is given in SUP 6 Annex 4. As noted in SUP 6.2.9 G, it will usually be appropriate for a firm to apply for variation of its Part 4A permission and/or the imposition, variation or cancellation of a requirement21 while winding down (running off) its regulated activities and before applying to cancel its Part 4A per
(1) Subject to (1A), a 11firm other than a credit union wishing to cancel its Part 4A permission, must apply online at the appropriate regulator website using the form specified on the online notification and application system16.9112112129(1A) An FCA-authorised person wishing to cancel its Part 4A permission which covers only credit-related regulated activities must submit any form, notice or application by using the form in SUP 6 Annex 6 and submitting it in the way set out
(1) In addition to applying for cancellation of Part 4A permission21 in accordance with SUP 6.4.5 D, a firm may discuss prospective cancellations with its supervisory contact at the appropriate regulator.214 Alternatively a firm can contact the Contact Centre on 0300 500 0597.1421421211414(2) To contact the Cancellations Team: 421(a) write to: Cancellations Team, The Financial Conduct21Authority, 12 Endeavour Square, London, E20 1JN19; or21; or2121(b) email firstname.lastname@example.org(3)
The information which the relevant regulator21 may request on the circumstances of the application for cancellation and the confirmations which the relevant regulator21 may require a firm to provide will differ according to the nature of the firm and the activities it has Part 4A permission21 to carry on.212121
(1) A firm which is applying for cancellation of Part 4A permission and which is not otherwise authorised by, or under, the Act should, at the same time:15(a) comply with:15(i) SUP 10A.14.8R (for a firm that is not an SMCR firm20);15(ii) SUP 10C.14.5R (for an SMCR firm20); or15(iii) the corresponding PRA requirements; and15(b) notify the the FCA or PRA20 of persons ceasing to perform controlled functions specified by that regulator.15(2) These forms should give the effective date
The relevant regulator21 will usually not cancel a firm'sPart 4A permission21 until the firm can demonstrate that, in relation to business carried on under that permission, it has, as appropriate:2121(1) ceased carrying on regulated activities or fully run off or transferred all insurance liabilities;(2) repaid all client money and client deposits;(3) discharged custody assets and any other property belonging to clients; and(4) discharged, satisfied or resolved complaints against
Before the relevant regulator21 cancels a firm'sPart 4A permission,21 the firm will be expected to be able to demonstrate that it has ceased or transferred all regulated activities under that permission. For example, the firm may be asked to provide evidence that a transfer of business (including, where relevant, any client money, customer assets or deposits or insurance liabilities) is complete. As noted in SUP 6.4.9 G, the relevant regulator21 may require the firm to confirm
In deciding whether to cancel a firm'sPart 4A permission, the relevant regulator21 will take into account all relevant factors in relation to business carried on under that permission, including whether:21(1) there are unresolved, unsatisfied or undischarged complaints against the firm from any of its customers;(2) the firm has complied with CASS 5.5.80 R and CASS 7.11.34R 13 (Client money: discharge of fiduciary duty)21 and CASS 7.11.50 R135(Client money: allocated but unclaimed
If an application for cancellation of a firm'sPart 4A permission has been granted and a firm's status as an authorised person has been withdrawn (see SUP 6.5) it will remain subject to certain investigative and enforcement powers as a former authorised person. These include:2121(1) information gathering and investigation powers in Part XI of the Act (Investigation gathering and investigations) (seeEG 3 (Use of information gathering and investigation powers)6);6(2) powers to apply
A decision to grant an application for cancellation of permission will be taken by appropriately experienced staff at the relevant regulator.21 Where, however, the staff dealing with the application recommend that a firm's application for cancellation of Part 4A permission21 be refused, the decision will be subject to the regulator's formal decision making process.21212121321
5If an FCA-authorised person wishes to change its Part 4A permission to:(1) add a regulated activity, other than a PRA-regulated activity; or(2) remove a regulated activity from those to which the permission relates; or(3) vary the description of a regulated activity to which the permission relates; or(4) cancel the permission;it can apply to the FCA under section 55H of the Act (Variation by FCA at request of authorised person).
Variation and cancellation of Part 4A permission and imposition, variation and cancellation of requirements. See SUP 6.2.3A G to SUP 6.2.3E G55QuestionVariation of Part 4A permissionCancellation of Part 4A permission Imposition, variation and cancellation of requirementsWhat does the application apply to?Individual elements of a firm'sPart 4A permission. Variations may involve adding or removing categories of regulated activity or specified investments or varying or removing any
A firm which is seeking: 5(1) to vary its Part 4A permission5 substantially; or5(2) to5 cancel its Part 4A permission; or55(3) the imposition of a new requirement and/or the variation or cancellation of any existing requirement;5should discuss its plans with its supervisory contact at the relevant regulator5 as early as possible before making an application, in order to comply with Principle 11 (see SUP 15.3.7 G). These discussions will help the relevant regulator5 and the firm
If a firm intends to cease carrying on one or more regulated activities permanently, it should give prompt notice to the appropriate regulator5 to comply with Principle 11 (see SUP 15.3.8 G (1)(d)). A firm should consider whether it needs to notify the appropriate regulator5 before applying to vary or cancel its Part 4A permission.5555
If an insurer,4 a bank, or a dormant account fund operator4 wishes to cease carrying on all regulated activities for which it has Part 4A permission,5 it will usually be necessary to wind down the business over a long term period which is normally more than six months. This may also be the case for a firm holding client money or customer assets. In these circumstances, it will usually be appropriate for the firm to apply for variation of its Part 4A permission and/or imposition
A UK firm which, as well as applying to vary or cancel its Part 4A permission,5 wishes to vary or terminate any business which it is carrying on in another EEA State under one of the Single Market Directives, should follow the procedures in SUP 13 (Exercise of passport rights by UK firms) on varying or terminating its branch or cross border services business.5
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) cancel the firm'sPart 4A permission under section 55H(3) of the Act;(2) withdraw the firm'sauthorised 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 Financial Services Register to show it has ceased to be authorised.
This chapter applies to every firm with a Part 4A permission5 which wishes to:5(1) vary its Part 4A permission;5 or5(2) cancel its Part 4A permission5 and end its authorisation;555(3) have a new requirement imposed on it;5(4) vary a requirement imposed on it; or5(5) cancel a requirement imposed on it.5
(1) 5In SUP 6 the "relevant regulator" is the regulator to which a firm with a Part 4A permission has made or can make (in accordance with SUP 6) an application to vary or cancel its Part 4A permission or to have imposed on it a new requirement or to vary or cancel any existing requirement (see SUP 6.2.3A G to SUP 6.2.3E G).(2) Where the PRA can only determine an application with the consent of the FCA, the FCA may request further information as if it were the relevant regulator.(3)
This chapter explains:(1) how a firm with a Part 4A permission5 can apply to the relevant regulator5 to vary that permission;55(2) how a firm which has ceased to carry on any of the regulated activities for which it has a Part 4A permission,5 or which expects to do so in the short term (normally less than six months), should apply to the relevant regulator5 to cancel that permission completely; 55(2A) how a firm with a Part 4A permission can apply to the relevant regulator to:5(a)
The circumstances in which a CBTL firm which has a Part 4A permission should notify the FCA include but are not limited to when:(1) it ceases to carry on CBTL business and does not propose to resume carrying on CBTL business in the immediate future. This does not include circumstances where the CBTL firm temporarily withdraws its products from the market or is preparing to launch fresh products; or(2) it applies to cancel its Part 4A permission; or(3) it applies to vary its Part
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
(1) [deleted]17232312112323111123(1A) [deleted] 1723(1B) [deleted] 1723(1C) 17If a person meets either of the conditions in (1D) it must pay the FCA the fee in (1E).(1D) 17A person meets the conditions referred to in (1C) if:(a) its periodic fee for the previous fee year was at least £50,000 and it is:(i) an FCA-authorised person; or(ii) a designated professional body; or(iii) a recognised investment exchange; or(iv) a regulated covered bondissuer; or(b) it is a PRA-authorised
(1) A firm must pay the pensions guidance levy applicable to it within 30 days of the date of the invoice to which that sum relates, unless any of (2) to (5) apply.(2) If the firm has applied to cancel its Part 4A permission under SUP 6.4.5D (Cancellation of permission), the firm must pay the pensions guidance levy applicable to it on the date of its application.(3) If the FCA has exercised its own-initiative powers to cancel a firm'sPart 4A permission, the firm must pay the
Table: Disapplied or modified modules or provisions of the Handbook ModuleDisapplication or modificationSenior Management Arrangements, Systems and Control sourcebook (SYSC)[FCA]SYSC 6.1.4C R (requirement of debt management firm or credit repair firm to appoint a compliance officer) does not apply to a firm with an interim permission.SYSC 6.3.8 R (responsibility for anti-money laundering systems and controls) does not apply to a firm with only an interim permission.SYSC 6.3.9
In some cases, it may be appropriate for both the FCA4and another authority to be involved, and for both to take action in a particular case arising from the same facts. For example, a breach of RIE rules may be so serious as to justify the FCA4 varying or cancelling the firm's Part IV permission, or withdrawing approval from approved persons, as well as action taken by the RIE. In such cases, the FCA4 will work with the relevant authority to ensure that cases are dealt with efficiently