On September 9 2021, the UK Financial Conduct Authority (FCA) published a consultation paper on its new powers to vary or cancel a firm’s regulatory permissions on short notice.
The FCA has, since its creation, had powers to unilaterally cancel or vary a firm’s permissions, including where the firm has not carried on an activity for which it has permission for 12 months or more. The new powers allow the FCA to act more quickly, with no obligation to demonstrate a particular period of non-usage and an expedited process for cancelling a firm’s permissions.
