Lyonnaise de Banque has had its temporary permissions revoked, meaning that the firm can no longer conduct regulated activity in the UK.
This is the first time that a firm in the Temporary Permissions Regime (TPR) has lost its permissions for missing its landing slot and failing to apply for authorisation in a timely manner.
When the UK was part of the EU, firms based in another member state could trade in the UK without being authorised by the FCA under what was termed a passport. The TPR was put in place so those firms could continue to operate in the UK while they applied for full FCA authorisation, following the UK’s withdrawal from the EU.
At the start of the year, we stated our expectations of firms[1] in the TPR and that if they miss their landing slots[2], or do not apply by 31 December 2022, we expect them to voluntarily cancel their temporary permissions.
If this does not happen, then we would take swift action to cancel permissions as the TPR should only be used by firms who want to operate in the UK in the long-term and meet the standards to do so.
Notes to Editors
- Final Notice[3] in relation to Lyonnaise de Banque