Find out what to do when you’ve received your landing slot to apply for full authorisation in the UK.
Now that the temporary permissions regime (TPR) is in force, we have started to email formal directions to firms in the TPR confirming their ‘landing slot’.
This is the period when your firm can apply:
- for full (non-temporary) Part 4A permission
- to vary your existing Part 4A permission if your firm has a UK top-up permission
Opening and closing dates
The direction we will send to you specifies when your firm must submit its application for either type of permission above. This can be no earlier than the opening date and no later than the closing date.
If you submit your application before your opening date
In line with our direction, it will be disregarded and may be destroyed.
However, you can request to change your opening date (see below).
If you don’t submit an application before your closing date
We can cancel your firm’s temporary permission.
In this situation, we’ll serve your firm a decision notice stating the date that your temporary permission ends. Then, if your firm is eligible, it will move into the supervised run-off (SRO) mechanism, which is part of the Financial Services Contracts Regime.
We can also decide when a firm is not to enter SRO. Here, the firm’s temporary permission will come to an end with the decision notice and the firm will no longer be permitted to carry on a regulated activity in the UK (unless an exclusion applies).
Submitting an application
Please allow plenty of time to prepare your firm’s application.
You’ll need to submit it using our Connect system.
You should first read:
- considerations for firms leaving the TPR
- our authorisation process
- our approach to authorisation
- our approach to international firms
You can also choose not to submit an application, and to cancel your firm’s temporary permission instead. If your firm does this and it requires permission to perform existing contracts, it will move into the SRO mechanism.
Find out more about cancelling a temporary permission.