Find out how to cancel a temporary permission if your firm is in the temporary permissions regime (TPR) or the supervised run-off (SRO) regime.
FSMA Schedule 3 firms that previously passported into the UK
Firms in the TPR and SRO that no longer have business which requires them to have UK permission can apply to us to cancel their temporary/limited permission and leave UK regulation.
However, cancelling a permission will vary depending on the facts that apply to your firm. Before beginning the process, your firm may wish to seek independent legal advice on its need to be authorised in the UK.
The sections below explain what your firm should do depending on its circumstances.
Payments institutions, registered account information service providers and electronic money institutions that previously passported into the UK
Firms in the TPR can notify us to end their temporary permission and, where they continue to have business which requires them to carry on providing payment services or e-money services in the UK (and meet the SRO conditions), use the SRO regime within the FSCR to run-off any existing UK business.
Firms in the TPR and SRO that no longer have any business which requires them to provide payment services or e-money services in the UK can apply to us to end their temporary/limited permission and leave the UK perimeter.
However, your firm should note that the effect of cancelling its permission will vary significantly depending on the facts that apply to your firm. As such, before beginning the process, your firm may wish to seek its own independent legal advice on your firm’s need for authorisation or registration in the UK.
The sections below explain what your firm should do depending on its circumstances.