Find out how to cancel your authorisation.
Before applying to cancel your authorisation, your firm must have:
- stopped carrying out regulated activities, or
- planned to stop carrying out regulated activities within 6 months of the application
If you do not plan to stop regulated activities within 6 months of applying, we will 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
- have 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.
Process for cancelling an authorisation
You should apply to cancel your authorisation online, through Connect. We don't charge for this but you will have to pay a full year’s periodic fee for the year in which you apply to cancel (based on April to March).
If the application was submitted to us before 31 March (or before the last day in February if you are also regulated by the PRA), then the relevant periodic fees will not be due for the following fee period.
If, due to the continuing nature of your business, the cancellation does not take effect within 3 months from 1 April – that is, by 30 June – then the fees for this financial year remain due (see FEES 4.3.13 of the Handbook).
We cannot refund fees paid before you cancel.
If you meet our criteria, we will notify you in writing that we have granted the application. We will also let you know if we are planning to reject it.
We might refuse your application if we do not think it would be in the interests of your firm's customers. Sometimes we ask firms to take additional measures or give us more information before we decide.
You can then make written and oral representations to us, which we will consider before we make a final decision. Please write to us if you wish to withdraw your application.
Our final decision will usually be made within 3 months, but might take longer in March, our busiest time.
We aim to have an application decided and completed within six months (this may be up to 12 months for an incomplete application).
Any individuals attached to the firm will automatically be cancelled when your application is processed.
Read more on the factors that we consider in SUP 6.4 of our Handbook.