Change of legal status

If you are thinking of changing your firm’s legal status, you will need to submit a New Authorisation application*. 

Our Authorisation pages contain further information about How to apply for authorisation. You should ensure that you have all of the necessary information ready for us to assess before you submit your application.

When submitting an application for the new legal entity, you will need to sign a Deed Poll declaration. This requires your firm to deal with any complaints from existing customers in the same way that it would customers of your new legal entity. We have this requirement to prevent firms leaving behind their obligations to their customers by changing their legal entity. Before your application is approved, we will ask you to cancel the previous entity's permissions.

Customers

If you have any ongoing contractual agreements with your customers, you must contact them and agree either to amend their existing contracts or to agree new contracts to take into account the change in your firm’s legal entity.

Otherwise you should let your customers know about the change in the legal entity as and when you next deal with them.

*Depending on the legal structure of the previous entity and the new entity, you will need to submit either a New Authorisation application or a SUP 15 notification.

 

 

Applicant

 

Sole trader

Private limited company

Public limited company

Partnership

Limited partnership

Limited liability partnership

Unincorporated association

Existing firm

Sole trader

-

Yes

Yes

Yes

Yes

Yes

Yes

Private limited company

Yes

-

No *

Yes

Yes

Yes

Yes

Public limited company

Yes

No *

-

Yes

Yes

Yes

Yes

Partnership

No *

Yes

 

Yes

 

-

No *

Yes

Yes

Limited partnership

Yes

 

Yes

Yes

No *

-

Yes

Yes

Limited liability partnership

Yes

Yes

 

Yes

 

Yes

 

Yes

 

-

Yes

Unincorporated association

No *

Yes

Yes

Yes

Yes

Yes

-

Yes: Submit a New Authorisation application.

No *: Notification only required (see SUP 15.3.8G).

Page updates

20/05/2021: Information changed Details updated ahead of June 2021 changes