Cancelling a temporary permission

If your firm no longer has, or never had, UK regulated business and it doesn’t currently intend to seek full authorisation in the UK, please note that:

• once your firm has cancelled its temporary permission it will no longer be able to:
  • carry on regulated activities in the UK (unless an exclusion applies)
  • communicate financial promotions that have an effect in the UK (unless an exemption applies) or the firm has its promotions approved by a UK authorised person
  • approve a financial promotion for another person
  • appoint, or continue to use, any appointed representatives or tied agents to carry on regulated activities in the UK
• as part of the cancellation process we may require your firm to provide the information referred to in SUP 6.4 in our Handbook and a report signed by a director (including the confirmations referred to in SUP 6.4.12G) and a board resolution to confirm the firm’s wish to cancel its authorisation (see SUP 6.4.9G and 6.4.13G in our Handbook)
• if your firm changes its plans to have UK authorisation once its temporary permission has been cancelled, it will need to seek authorisation in the UK before undertaking regulated business in the UK, and this can take up to 12 months from submitting an application

You can cancel your firm’s temporary permission via our Connect system.

This applies if your firm:

• continues to have business that requires carrying on a regulated activity in the UK, and so still needs UK authorisation (unless an exclusion applies), but beyond this
• does not intend to seek full authorisation in the UK and wants to cancel its temporary permission

Provided your firm continues to have EEA authorisation in its home state, you will be able to use the SRO regime to run-off that UK business.

It is your firm’s responsibility to ensure that it qualifies for the SRO regime.

Please note that:

• once your firm has cancelled its temporary permission and moved into SRO, it will no longer be able to:
  • carry on regulated activities in relation to new UK business, and will be limited to the regulated activities which are necessary for the performance of pre-existing contracts only, plus certain limited specified activities
  • generally communicate marketing which would have an effect in the UK
• your firm will continue to need to adhere to our Principles for Businesses and follow the other relevant rules and guidance in our Handbook, see in particular GEN 2.2.26R onwards
• your firm will need to be ready on entry into SRO to include the different status disclosure wording in letters (or electronic equivalents) to UK retail customers to indicate that your firm is now in SRO. See full details of the wording. Please note that the wording to be used depends on whether your firm has a branch in the UK
• once your firm no longer has temporary permission, you will be unable to be the manager, trustee or depositary of certain types of fund or to be the sole director or depositary of an authorised open-ended investment company
• once it is in SRO, if your firm changes its plans and is going to need full UK authorisation, it must seek this authorisation before undertaking any new regulated business in the UK, and this can take up to 12 months from submitting an application

If your firm wants to cancel its temporary permission and move into SRO, please complete a TPR to SRO cancellation form and email it to [email protected].

If your firm no longer has any UK regulated business, please note that:

• once your firm has cancelled its limited SRO permission it will no longer be able to:
  • carry on regulated activities in the UK (unless an exclusion applies)
  • communicate financial promotions that have an effect in the UK (unless an exemption applies) or the firm has its promotions approved by a UK authorised person
  • approve a financial promotion for another person
  • appoint, or continue to use, any appointed representatives or tied agents to carry on regulated activities in the UK
• as part of the cancellation process we may require your firm to provide the information referred to in SUP 6.4 in our Handbook and a report signed by a director (including the confirmations referred to in SUP 6.4.12G) and a board resolution to confirm the firm’s wish to cancel its authorisation (see SUP 6.4.9G and 6.4.13G in our Handbook)
• if your firm changes its plans, once its limited SRO permission has been cancelled it will need to seek authorisation in the UK before undertaking regulated activities in the UK, and this can take up to 12 months

You can cancel your firm’s limited permission via our Connect system.