BrokersView
Search
Download
English
Sign In

FCA Cancelled the Temporary Permissions of Four European Firms

2022-01-19 Brokersview

39858e3764a79be99b05da6c192abc5.jpeg

The UK Financial Conduct Authority (FCA) announced that it has cancelled the temporary permissions of 4 firms, who, despite multiple opportunities, did not respond to mandatory information requests.

According to the regulator, European firms wishing to remain in the temporary permissions regime (TPR) need to meet the FCA's standards to continue operating in the UK.

The regime was designed to ensure that European firms operating in the UK via a passport when the Brexit transition period ended could continue operating temporarily while they seek full authorisation in the UK. 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.

Firms may be asked to stop undertaking new business or could be removed from the TPR if they miss their 'landing slot', fail to respond to mandatory information requests, have no intention in applying for full authorisation, or if their authorisation application is refused.

Firms that have had their permissions cancelled can no longer conduct regulated business in the UK and will be committing a criminal offence if they do so.

Emily Shepperd, Executive Director of Authorisations at the FCA, said: "The UK is open for business, but not to firms who do not meet our regulatory expectations. We expect firms operating under the regime to be responsive to our requests for information, and that are coherent in their business planning. We will continue to act against firms that fail to meet our standards."

Share

Loading...