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Here to help with Regulation and Compliance
Applying for a Variation of Permission
For any firm authorised and regulated by the Financial Conduct Authority, that wishes to alter their Part IV permissions, they must seek authorisation from the FCA by completing and submitting a ‘Variation of Permission’ also known as a VoP.
However, if you are an FCA-regulated firm, but would like additional approval to undertake the following activities, then permission must be sought from the Prudential Regulation Authority (PRA).
- Effecting contracts of insurance
- Carrying out a contract of insurance
- Accepting deposits
Also, if you are a dual-regulated firm, you must also apply via the PRA’s website to vary your permission.
How we can help with a Variation of Permission (VoP)
If you are looking to start or expand your current business lines into a new product or if you are thinking about undertaking a new line of business or regulated activity, then you will need to review your firm’s current levels of permission and determine if you will need to apply to vary your permission.
Similarly, if your firm ceases a business line or wishes to reduce or limit the scope of your permissions, then you might like to consider removing an activity from your current permissions, or altering your related products or client types.
If you would like to discuss your evolving business and your required permissions, we would love to hear from you and can help determine the correct scope of permissions for your firm and its business activities.
Remember, your firm must not undertake any new activities until a variation of permission has been granted by the regulator and an increase in the scope of your permissions may result in higher periodic fees from the regulator, or a fee reduction should your permissions lessen.
If you would like to discuss your firm’s permissions and are thinking about a variation of these, then get in touch and we’d be happy to hear from you, just email enquiries@compoundgrowth.co.uk
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