How we process waiver and modification applications

Find out how we process applications for waivers and modifications.

Acknowledgment

All received applications will be acknowledged. We will ask for further information to support our decision if needed.

Prudential Regulation Authority (PRA) and FCA

We will talk to the PRA about any applications we believe may impact the PRA’s objectives. The PRA will talk to us where it likewise considers that granting the application may impact our objectives. We will always consult the PRA for applications from FCA firms in a PRA group.

Timeline

If you need a decision by a specific date, you should make it clear in the application and submit this well in advance of the deadline. However, it may not be possible to meet your requested deadline, eg, if it is a precedent or complex application. No statutory deadlines exist for waiver applications.

Publication

We publish details of all approved waivers and Permission Written Notices unless we consider it inappropriate or unnecessary. You can find these details in the list of waivers published on our website.

Direction

If a waiver or modification is approved, we will issue a Direction. This will set out how the rule has been waived or modified, who the Direction covers and the period of its validity. Conditions, such as reporting requirements, will also be set out in the Direction.

Most waivers and modifications are granted for a set period then cease to apply. At that stage, a new application is required.

An application submitted for approval may be rejected. To make an application you must provide the minimum information requested. If we reject your application we will give the reason(s). You are welcome to resubmit your application, containing all the relevant information, at any time.

Page updates

27/07/2021: Information changed Specifying CRR Permission Written Notices
18/08/2020: Information changed Timeline information updated