Once we have given a permission on capital requirements, we may vary it with your consent, or you may want to apply to change or cancel it. This comes under the UK Capital Requirements Regulation (UK CRR).
A permission can be open-ended or time-limited depending on the circumstances and any conditions we have imposed.
An approved permission is specific to the details submitted with the application. If any terms of the agreement have changed, a new permission may be required.
If your firm’s business changes, you should apply for a new permission, even if your firm is offering the same product.
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.
Varying a permission
Once we have given a permission, we may vary it with your consent, or on your application. If you want us to vary a permission, you should resubmit an application form, giving reasons for the application.
Revoking a permission
We, or the Prudential Regulation Authority (PRA), may revoke a permission. We will consider if the conditions are no longer satisfied and whether the permission is otherwise no longer applicable.
Firms will receive written notice of revocation, whether proposed or revoked, with immediate effect. Firms usually have 28 days to make representations about the proposal or revocation. We will respond to these representations in writing. Responses will either confirm the revocation or seek the firm’s consent to a new permission.
Appealing under CRD IV
If firms wish to challenge a UK CRR permission decision, they may refer the matter to the Tribunal (eg decisions for granting a UK CRR permission, a refusal or variation of a UK CRR permission).
Cancelling a permission
Please contact us by email if you wish to cancel a permission: [email protected].