permission-variation

Variation of Permission

If an authorised firm wants to change or add to its regulated activities, it can apply to the FCA for a variation of permission (VOP).

Your firm’s ‘scope of permission’ should accurately reflect the activities it carries out. You will need to review your current permission as recorded on the Financial Services Register and decide whether a VOP is required whenever you want to:

• start a new line of business
• start a new regulated activity
• add a new product or client type to your business line.

When you need to apply

You must not begin transacting the requested business until the FCA has approved your application for a variation of permission. Doing so constitutes a breach of its rules, and the FCA can take enforcement action.
Before you apply for a variation of permission, you should be aware that your firm’s financial category, your financial resource requirement and your reporting requirements may change to reflect the new scope of permission.

Increasing the scope of your permission may lead to the fees you pay going up. Conversely, reducing your scope of permission could reduce them.

A VOP may be required if you:

  • start a new line of business
  • start a new regulated activity
  • add a new product or client type to your business line.

 

Our team covers key global financial services centers and contains individuals who have held senior risk and compliance positions in global institutions, as well as former regulators

We work in partnership with our clients enabling us to provide a full service, combining deep regulatory knowledge with practical industry experience

Our methodologies and solutions are tailored to each assignment and client and consider the regulatory environment and the client’s business model, commercial aspirations, risk appetite and internal governance

By understanding the needs of each specific client we can tailor our teams accordingly, ensuring that there is sufficient practical and technical knowledge and experience applied to each project

Related Compliance Specialisms

peak-consultants-call-us

Want us to call you back?

Just fill out the brief form and one of our experts will call you to discuss your needs.

Scroll to Top