Here we explain how to apply for a waiver or modification of Handbook rules.
If you are submitting a MiFID PRU Permission application, this must also be submitted through Connect.
We make an exception for modifications by consent. These allow you to notify us that you're taking advantage of a modification, instead of completing an application form.
Below we provide guidance on how to prepare your application and avoid delays to the process. Please note this is not an exhaustive list and there may be additional factors that need to be considered on a case-by-case basis. You may also find it useful to talk about your application with your supervisory contact at the FCA.
Before you apply
First, read our page on being ready, willing and organised which explains our expectations of applicants.
Then read the relevant page below for guidelines on each type of application:
- Model waivers
- Committee waivers
- Liquidity modifications
- NED limitations
- Find out about CRR permissions before completing the CRR permission form
Preparing your application
Your application form must state which waiver or modification you're applying for and why, and whether any precedents apply.
You will need to explain:
- how complying with the rule would be unduly burdensome or not achieve its purpose
- how granting a waiver will not adversely affect our 3 objectives to protect consumers, enhance market integrity and promote competition
It may save time if you can reference a waiver we have already granted to other firms. Refer to our consolidated lists of granted waivers.
Consider and confirm whether the firm would be content for the waiver/modification to be published on the Financial Services Register if approved, and if not, explain why it would be inappropriate, addressing the requirements set out in FSMA 138B.
Finally, let us know if you have a date by which you would like a decision, and please allow time for us to assess your submission.
Avoid delays to your application
Remember to complete all sections of the relevant forms and respond to us within the requested timescales.
If you're requesting a rule modification, please supply the proposed wording.
Applying to the Prudential Regulation Authority (PRA)
We expect to see all waiver applications from FCA-regulated firms and FCA-regulated firms in a PRA group. We only expect to see applications from dual-regulated firms when they relate to either an FCA-only or a shared rule (ie the rule affects both Conduct and Prudential).
Solo-regulated firms apply to us when seeking national discretions; dual-regulated firms should apply to the PRA. There is more information on the PRA website.
If 2 firms are linked and offer the same product, they will need a Direction for each authorised firm.