The FCA have sent a reminder to firms that they should be regularly reviewing regulatory permissions to ensure they are up to date and removed where they are not needed. If there are any changes, firmed are expected to notify the FCA and apply to make any necessary changes in a timely way.
FCA currently have the power to cancel a firm’s Part 4A permission if it has not carried on a regulated activity for at least 12 months and new powers in the Financial Services Bill, which is currently making its way through Parliament, mean the FCA will be able to act more quickly where they consider firms are no longer carrying out regulated activities.
This is also a good time to remind firms of their obligations, particularly around Safeguarding, Wind Down Planning and Stress Testing. The latest version of the FCA's COVID survey is being circulated and the FCA will use the data received to inform their view of the market and ensure customers are protected.