Useful points to note before logging on to Connect.
- review the tutorial video How to use Connect which gives an overview of key features of the system
- review the Variation of Permissions pages
- check the Financial Services Register to review your firm's current permissions
- collate supporting documents which could include your business plan, compliance manual, compliance monitoring procedures, copies of exam certificates etc.
Purpose of this application
This application is used to add, vary and cancel Part 4A permissions.
The sections that will be made available to complete are listed below.
- Reason For Variation
- Categories and Activities - add or remove regulated activities and their associated customer types, investment types and limitations. If you are applying for additional regulated credit activities you need to state the estimated annual income for these activities so that the fee due can be calculated
- Requirements - add or remove standard and non-standard requirements
- Client Money - change client money or assets requirement; hold and control client money; hold and control client money for Insurance Distribution; not to hold and not control client money; add a non-standard client money requirement. It will also show the firms current requirements for client money
- Threshold Conditions – this section will be shown if you are adding new regulated activities. The threshold conditions you must continue to meet are set out in full in the Threshold Conditions (COND) 2 Sourcebook of the Handbook.
Additional details section
- EEA / Third country – is your firm connected to firms regulated outside the UK but within the EEA (European Economic Area) and whether your firm is a member of a third-country banking and investment group
- MiFID – only applicable to firms carrying out Designated Investment Business. Confirm whether the proposed variation will affect your firm's categorisation under the Markets in Financial Instruments Directive (MiFID), Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD).
Supporting documents section
- Provide any additional information or documents that you think are relevant to the application.