Context
On January 18th 2022 the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take. 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.
Key points to note
- 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.
- The FCA has already cancelled the temporary permissions of 4 firms who did not respond to mandatory information requests.
- 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.
Next actions
None – for information and awareness