Leaving SRO or CRO

If your firm no longer has any UK regulated business, please note that:

• once your firm has cancelled its limited SRO permission it will no longer be able to:
  • carry on regulated activities in the UK (unless an exclusion applies)
  • communicate financial promotions that have an effect in the UK (unless an exemption applies) or the firm has its promotions approved by a UK authorised person
  • approve a financial promotion for another person
  • appoint, or continue to use, any appointed representatives or tied agents to carry on regulated activities in the UK
• as part of the cancellation process we may require your firm to provide the information referred to in SUP 6.4[1] in our Handbook and a report signed by a director (including the confirmations referred to in SUP 6.4.12G[1]) and a board resolution to confirm the firm’s wish to cancel its authorisation (see SUP 6.4.9G[2] and 6.4.13G[3] in our Handbook)
• if your firm changes its plans, once its limited SRO permission has been cancelled it will need to seek authorisation in the UK before undertaking regulated activities in the UK, and this can take up to 12 months

You can cancel your firm’s limited permission via our Connect[-1] system.

Your firm no longer has any UK regulated business and wants to cease using the contractual run-off regime.

Please note that:

• if your firm ceases to use the contractual run-off regime, it will no longer be able to:
  • carry on any regulated activities in the UK (unless an exclusion applies)
  • communicate financial promotions that have an effect in the UK (unless an exemption applies) or the firm has its promotions approved by a UK authorised person
  • approve a financial promotion for another person
  • appoint, or continue to use, any appointed representatives or tied agents to carry on regulated activities in the UK
• if your firm changes its plans, it will need to seek authorisation in the UK before undertaking regulated activities in the UK – this can take up to 12 months

If your firm wants to cease using the contractual run-off regime, please complete a CRO cancellation form[0] and email it to [email protected]. 

You will need to give notice once you no longer have obligations under pre-existing contracts and have redeemed outstanding e-money issued through a UK branch.

We will consider this notification and, if we are satisfied that the firm no longer has any obligations under pre-existing contracts and has redeemed outstanding e-money issued through a branch in the UK, specify the date on which the firm will cease to be treated as authorised/registered for the purposes of the SRO.

Please note that:

• once your firm has exited the SRO it will no longer be able to:
  • provide payment services or issue e-money in the UK
  • appoint, or continue to use, any agents to carry on payment services in the UK
  • distribute or redeem e-money through an agent or a distributor
• if your firm changes its plans, once its limited SRO permission has been removed it will need to seek authorisation in the UK before undertaking regulated activities in the UK – this can take up to 12 months

If your firm wants to give notice to end its limited SRO permission, please complete an SRO cancellation form[1] and email it to [email protected].

Your firm no longer has any UK regulated business and wants to cease using the contractual run-off regime.

Please note that:

• if your firm ceases to use the contractual run-off regime, it will no longer be able to:
  • provide payment services or e-money services
  • appoint, or continue to use, any agents to carry on payment services in the UK
  • distribute or redeem e-money through an agent or a distributor
• if your firm changes its plans, it will need to seek authorisation in the UK before undertaking regulated activities in the UK – this can take up to 12 months

If your firm wants to cease using the contractual run-off regime, please complete a CRO cancellation form[6] and email it to [email protected].