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.
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, 25 The North Colonnade, London E14 5HS.
We will then write to you to confirm that the modification has been granted and publish each modification direction we grant on our website.