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 show the activities it carries out. You should review your current permission on the Financial Services Register and decide whether you need to vary it if you want to:
- start a new line of business, or
- start a new regulated activity, or
- add a new product or client type to your business line.
When you need to apply
Your firm cannot start the activities that you have requested until the FCA has approved your application. If you do, this is a breach of rules and the FCA can take enforcement action.
Before you apply, you should note that your firm’s financial category, your financial resource requirement and your reporting requirements may change to reflect the new permission scope.
By increasing the scope of your permission, your fees may go up, and by reducing it they may come down.
We can carry out this work on a review, partnership or full-service basis.