Your firm cannot start the activities that you have requested until we have approved your application.
The Investment Firms Prudential Regime (IFPR) comes into force on 1 January 2022. We’re in the process of updating our authorisation forms to reflect the necessary changes.
If you submit a form before we’ve updated it, our case officers might ask you for more information to assess your firm’s compliance with the new regime, if it’s in scope.
Look out for further updates on IFPR.
To apply for a variation of permission you should use Connect, unless:
- you wish to bid in emissions auctions – then you should apply through the Bidding in Emissions Auctions paper application
Any paper application forms not covered by the above will be returned to you.
How we process applications
You will receive an acknowledgement from Connect that your application has been successfully submitted.
We process most applications and make decisions well within FSMA’s standards – this will be the earlier of:
- 6 months from when we determine the application to be complete
- 12 months of receiving an incomplete application (missing documents or information)
Your case officer will contact you once your application has been assigned. We might ask you for more information, although our forms set out the typical information that we need to see.
Tell us about any relevant dates and we will try to meet them – but leave plenty of time to make your application.
We will let you know when we approve your application.
If we propose to reject your application, we will contact you during the application process to discuss our concerns.
We will send you a warning notice if we are going to:
- reject your application
- impose other requirements
- make other changes that you have not agreed to
We will also tell you about the process of how you can make a statement to our Regulatory Decisions Committee.
If at any time you wish to withdraw your application before we have made a decision, you must write and let us know.
Our service standards (PDF, 203KB, 43 pages) are published and updated every 6 months, as is our performance against them.
We also publish key performance indicators of average processing times, and the volume and percentage of applications we approve, withdraw and refuse. To each of these we add analysis and commentary, including context on why we refuse or withdraw applications, and why the average processing time may have changed.