We may offer a general waiver or modification to firms.
These are offered where an unmodified rule would not meet the circumstances of a particular category of firm. If a particular waiver is relevant to other firms, this will be publicised.
How to apply for waivers and modifications by consent
We update monthly the list of available waivers and modifications by consent below.
If a modification by consent applies to your firm, you can notify us to take advantage of the modification rather than complete an application form. You may already have been notified of these modifications if your firm fits a particular category. You will also find the contact details for our central waivers team on our list of current waivers and modifications by consent.
Modification by consent of COBS 13 Annex 2 1.9R
Available to firms providing an Annual Pension Statement which includes a Projection consistent with the statutory money purchase illustration requirements set out by the Department of Work and Pensions.
This modification is available to providers of Child Trust Funds (CTFs) wishing to move matured CTFs to a protected account ISA, or by bulk transfer to a new provider, when the client is deemed a gone away or is uncontactable.
Modification by consent of COLL 5.6.22R
Available to the depositary of a non-UCITS retail scheme (NURS) whose investment objective and policy include the power to invest in immovable property. For a NURS constituted as an ICVC, it also applies to the ICVC itself.
Modification by consent - SUP 16.12.5R (Note 5), SUP 16.12.11R (Note 5), SUP 16.12.15R (Note 5), SUP 16.12.22AR (Note 5) and SUP 16.12.25AR (Note 5)
Available to firms with a CAD2 waiver.
Modification by consent of SUP 16.23A.6(1)
This modification will enable The Employer’s Liability Trading Office to be classed as 'an auditor' for the purposes of SUP 16.23A.6(1)
Available to firms using Appointed Representative arrangements and to benchmark administrators using temporary arrangements. Firms can use this waiver if they think they may need to make or extend temporary arrangements to cover absences, as a result of the coronavirus (Covid-19) crisis. It extends the period in which an individual can cover for a Senior Manager without being approved (known as the '12-week rule' and detailed in SUP 10A.5.6) from a maximum of 12 weeks to a maximum of 36 weeks.
Modification by consent of SYSC 21.2.1
Available to firms undertaking a ringfencing transfer scheme.
SUP & SYSC
Modification by Consent of SUP 10C.3.13 and SYSC 24.2.1
This modification by consent is available to solo regulated firms using temporary arrangements. Firms can use this waiver if they think they may need to make or extend temporary arrangements to cover absences, as a result of the coronavirus (Covid-19) crisis. It extends the period in which an individual can cover for a Senior Manager without being approved (known as the '12-week rule' and detailed in SUP 10C.3.13) from a maximum of 12 weeks to a maximum of 36 weeks. it also allows firms to allocate an absent Senior Manager’s Prescribed Responsibilities to the individual covering the role (a modification to SYSC 24.2.1).
View the list of firms that have applied for this modification by consent (XLSX) (This list is updated weekly)
Modification by consent of CASS 1A.1.1R (3)
For firms which have been classified as CASS Medium or CASS Large as a result of its client money holdings and has now wound up its client money holdings and cancelled its client money permissions.
Modification by consent of DISP 1.10.1
Available to firms that receive PPI complaints and who must submit a complete report concerning complaints received from eligible complainants.