You need to apply to us to cancel your authorisation. Find out what to do here.
Before applying to cancel your authorisation, your firm is expected to have:
- stopped carrying on regulated activities, or
- planned to stop carrying on regulated activities within 6 months of the application
If you do not plan to stop carrying on regulated activities within 6 months of applying, we may not accept your application.
You should have also:
- told your clients and approved persons that you are going to cancel your permission
- paid all your outstanding regulatory fees
- filed any regulatory returns that are due
- resolved any complaints against you
- made suitable arrangements to deal with any complaints and liabilities that might arise
It is essential that you meet these conditions, otherwise we may not grant your application to cancel.
We don't charge anything for cancelling your authorisation. However, you will have to pay the full annual fee for the financial year in which you apply for cancellation.
If you submit your cancellation application to us before 31 March (or before the last day in February, if you are also regulated by the PRA), you will not have to pay the annual fee for the following financial year. If, however, your business continues to operate for 3 months beyond this deadline – that’s to say, past 30 June – then you will have to pay the annual fee for the financial year.
- See full details on what we consider when assessing an application for cancellation of authorisation
- Check the small print on payment of outstanding fees
Submitting your application
You can apply to cancel your authorisation using our online system Connect.
If you need help, please use our guide for completing your application to cancel.
Avoid delays to determining your application
To make the application process as smooth as possible, make sure you submit the required supporting documents and respond within the requested deadlines.
You’ll need to explain what will happen to any liabilities you have or which may arrive in the future. And if you hold client money, you must supply auditors’ reports or accounts letters.
If you’re an AIFM you must terminate your funds before you apply to us to cancel.
After submitting your application
If your application is submitted correctly and considered complete, a case officer has 6 months in which to make a decision. If your application is incomplete our decision may take up to 12 months to process.
We will tell you in writing that we have granted your application. At this point, all your permissions and approvals will automatically be revoked.
We might refuse your application if we think cancelling your authorisation is not in the interests of your firm's customers.
We’ll always tell you in writing that we’re planning to reject your application. You can then make written and oral representations to us, which we will consider before we make a final decision.
You can cancel or remove some payment services from your registration or authorisation. Please consider the relevant notes before submitting an application.
Small registered AIFMs
Small registered AIFMs must notify us when they cease to satisfy the conditions of registration in accordance with regulation 15(1) of the HMT AIFMD Regulations. We have more information on small registered AIFMs.