Modification by consent: SYSC 22.2.1R

This applies to a firm that is receiving employees from another part of their group who are being transferred as part of a ring-fencing transfer scheme under section 106B of the Act.

Firms the modification applies to

This modification by consent is only available where:

  • an individual is transferring between two firms in the same group; and
  • there has been no significant change in the individual’s responsibilities; and
  • the individual is transferring as part of a ring-fencing transfer scheme under section 106B of the Act.

How the modification works

This modification by consent will enable a firm not to obtain a regulatory reference when either:

  • permitting or appointing an individual to perform an FCA controlled function or a PRA controlled function; or
  • issuing a certificate under the certification regime for an individual in relation to a specified significant-harm function.

Modification direction

How to take advantage of the modification

If you want to take advantage of this modification by consent you should email [email protected] or write to us at Central Waivers Team, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

We will then write to you to confirm that the modification has been granted and publish each modification direction we grant on our website.