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 reflect the activities it carries out. You will need to review your current permission as recorded on the Financial Services Register and decide whether a VOP is required whenever you want to:
- start a new line of business
- start a new regulated activity
- add a new product or client type to your business line.
When you need to apply
You must not begin transacting the requested business until the FCA has approved your application for a variation of permission. Doing so constitutes a breach of its rules, and the FCA can take enforcement action.
Before you apply for a variation of permission, you should be aware that your firm’s financial category, your financial resource requirement and your reporting requirements may change to reflect the new scope of permission.
Increasing the scope of your permission may lead to the fees you pay going up. Conversely, reducing your scope of permission could reduce them.
We can help you with any variation of permission on a review, partnership or full-service basis.