Context
FCA have provided summary data on solo-regulated firms that entered, and those that left, the temporary permissions regime (TPR). The TPR came in on 11pm GMT 31 December 2020 and ended at 11.59pm GMT 30 December 2023.
Key points to note and next actions
Firms leaving the regime;
- 212 solo-regulated firms secured full UK authorisation via the authorisation of a UK branch or via the authorisation of a new UK entity. All applications were determined prior to the end of the regime.
- 875 solo-regulated firms did not seek full UK authorisation. These firms will have either applied to cancel their temporary permission and left the UK perimeter or entered the financial services contracts regime (FSCR) from where they can run-off any remaining UK business.
- 104 solo-regulated firms did seek full UK authorisation but failed to meet FCA standards and were not authorised. These firms will have either applied to cancel their temporary permission and left the UK perimeter or entered the FSCR from where they can run-off any remaining UK business.
Firms can check the details of a firm’s previous passports on the Financial Services Register using its name or firm reference number (FRN).