Information on the FCA's temporary permissions regime

Reference Case Number: FOI8806

Freedom of Information: Right to know request:

I am writing to request further information on the FCA's temporary permissions regime, established during the process of the UK's departure from the European Union.

A note on the FCA website states that the FCA begun emailing formal directions to firms in the TPR confirming their 'landing slot' in March.

Please provide the following information:

The number of firms who have been contacted by the FCA with their landing slot as at the date this request is answered?
The number still to be contacted?
The number of firms that have confirmed they wish to proceed to permanent authorisation?
The number of firms that confirmed they did not wish to proceed to permanent authorisation?
The number of firms that did not respond provide any response regarding their course of action by the time the landing slot expired?
The number of firms whose permissions the FCA has removed whose temporary authorisation has expired?
Any and all estimates of the number of firms the FCA believed would not carry on into permanent authorisation before introducing the landing slots?

FCA response:

1. The number of firms who have been contacted by the FCA with their landing slot as at the date this request is answered?

The requested information can be found in the table below.

Landing slots	Number of firms
1	68
2	114
3	137
4	166
5	131
6	148
Total	764*

*Please note that only solo-regulated firms that were expected to apply were sent landing slot direction letters.

2. The number still to be contacted?

All firms in the Temporary Permissions Regime (TPR), that are expected to apply for full authorisation, have been sent direction letters informing them in which of the six (3-month) landing slots we would expect them to submit an application.

3. The number of firms that have confirmed they wish to proceed to permanent authorisation?

995 of the 1361 firms currently in TPR are expected to apply for authorisation.

4. The number of firms that confirmed they did not wish to proceed to permanent authorisation?

366 of the 1361 firms currently in TPR are not expected to apply for authorisation.

5. The number of firms that did not respond provide any response regarding their course of action by the time the landing slot expired?

The only landing slot that has expired is the first landing slot, 1 July 2021 – 30 September 2021. 33 of the 72 firms expected to apply for authorisation in landing slot 1 did not apply

6. The number of firms whose permissions the FCA has removed whose temporary authorisation has expired?

Firms temporary permissions end at the end of December 2023, as such we have not removed any firms on the basis that their temporary permissions has expired.

7. Any and all estimates of the number of firms the FCA believed would not carry on into permanent authorisation before introducing the landing slots?

Prior to allocating landing slots, it was estimated that 20-30% of firms that notified for TPR would not proceed to apply for authorisation.

Date of Release: 10/12/2021

Information on the FCA's temporary permissions regime - December 2021

Freedom of Information: Right to know request:

FCA response:

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