Find out why and how to apply for permissions under the UK Capital Requirements Regulation (CRR).
Anyone wishing to apply for a permission under the UK Capital Requirements Regulation (UK CRR), referred to as a UK CRR permission, should complete the application form on our online system Connect.
You may find it useful to talk about your application with your FCA supervisory contact.
Before considering the information on this page, please note that on 1 January 2022 a new prudential regime for UK investment firms authorised under MIFID (the Investment Firm Prudential Regime (IFPR)) will come into force.
- the majority of existing waivers and modifications to prudential rules in the FCA handbook will no longer apply
- the majority of existing CRR permissions will no longer apply to FCA investment firms
- the new rules contain transitional provisions that give some existing waivers and permissions status under the new regime − firms should consider the transitional provisions in the IFPR rules for more details
- firms will need to consider applying for permissions, or rule waivers and modifications, of rules in the new sourcebook (MIFIDPRU)
Find out more about IFPR.
What to include
We find it helpful for firms to give the following information as part of a UK CRR permission application:
- a list of the entities that need the UK CRR permission, including any PRA-regulated firms (we regulate them for conduct matters)
- details of the UK CRR article under which the application is made
- details about the reasons for the UK CRR permission, including, for example, whether it is part of a wider group transaction/restructure
- detailed responses to the UK CRR article conditions and relevant standards
- confirmation that the firm is content for the permission to be published on the Financial Services Register if approved, and if not, an explanation of why it would be wrong to do so, addressing the factors set out in regulation 43 of the corresponding Treasury regulations (SI 2013/3115)
- important timelines
We have set out the format and content of the supporting documentation we expect to receive for some application types.
Read these guidelines to help you with the applications and common concerns about the supporting information. These are not intended to be exhaustive nor a guarantee that an application will be approved.
When to apply
Some UK CRR permissions dictate how early a firm should apply for a regulatory permission. Other UK CRR permissions set the timeframe for applications to be assessed.
You should send your application in good time, and we will try to meet requests to receive a response by a particular date. This may not be possible for complex applications.
How we process applications
We assess individual applications against the relevant criteria set out in the UK CRR article for reference and, where applicable, our rules and guidance. We will also consider our strategic objective – to make sure that relevant markets function well – and operational goals of:
- consumer protection
- enhancing and protecting the integrity of the UK financial system
- promoting effective competition in the interest of consumers
We will grant firms a regulatory permission when we decide that conditions are met and will issue a written notice to you.
When seeking to apply discretions provided for in the UK CRR, dual-regulated firms should apply to the PRA.
We acknowledge all applications when we receive them.
We may ask you for more information to support our decision. We will try to process your application as quickly as possible and to meet any relevant dates you notify us of. This may not be possible for complex applications. Please apply in enough time to help us with this.
We will contact the PRA about applications we think may affect its objectives. The PRA will discuss with us where it also considers that granting the application may affect our objectives. We will always talk to the PRA about applications from FCA firms in a PRA group.
A UK CRR permission sometimes requires conditions being applied as requirements under section 55L of the Financial Services and Markets Act. These requirements will be included in the written notice.
Under section 55L(5), a firm may wish to apply for a requirement related to a UK CRR permission as part of the UK CRR permission application form or via the voluntary imposition of requirements application form [PDF]. We will discuss the precise requirement with you when processing the application.
We do not automatically approve applications. We assess the merits of each application. If we decide to approve the application, we may attach conditions or requirements.
We publish most approved UK CRR permissions in full. Some permissions are published in abridged form at the firm’s request, as explained in the application.
Application fees are only required for specific UK CRR permissions. Check our Handbook for guidance.
You should include the required fee as set out in the FEES manual of the Handbook when submitting these types of applications.