| Link(s): | CP21/16: Quarterly Consultation Paper No. 32 https://www.fca.org.uk/publication/consultation/cp21-16.pdf |
Context
The FCA has released its Quarterly Consultation Paper No 32. Once a quarter the FCA consults on proposed changes to be made to the Handbook, which tend to be minor.
Key points to note
The FCA is proposing:
- Amendments to DEPP and FEES as a result of a new power given to the FCA in the Financial Services Act 2021 to cancel or vary FCA-authorised firms’ Part 4A permissions:
- The FCA proposes to amend the Handbook relating to its variation and cancellation of the permissions given to firms to carry on regulated activities; this will include firms deemed to have Part 4A permission under the temporary permission and supervised run-off regimes
- The new power will allow the FCA to more quickly cancel or vary the permissions of authorised firms which appear to no longer be carrying on FCA-regulated activities and to reflect this cancellation or variation on the Financial Services Register, where:
- the firm appears to us not to be carrying on any FCA-regulated activity, including, but not only, where the firm has failed to pay a periodic fee or levy, or to provide the FCA with information, such as an annual return, required under the Handbook; and
- the FCA has served on the firm two notices and the firm has not responded or taken other steps as directed.
- This new process will sit alongside the existing cancellation and variation process in FSMA.
- The deadline for submitting comments is 5th July 2021.
Next actions
Firms wishing to submit comments should do so using the FCA’s online form or by e-mailing cp21-16@fca.org.uk.