Financial Services Compliance and Regulation
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- When Do Senior Managers Have to Be Certified and Reported as Directory Persons?
- FCA Changes Process for Firms Wishing to Change Their Legal Status
- Fake Emails Purporting to Come from the FCA
- Second Consultation on New Prudential Regime for UK Investment Firms
- Levelling the Playing Field: Innovation in the Service of Consumers and the Market
- Compliance, Culture and Evolving Regulatory Expectations
- Changes to UK MiFID’s Conduct and Organizational Requirements
- The FCA and Practitioner Panel Joint Survey for 2021 Launches
- Regulation for a Different World
- FCA Fines Firm for Serious Financial Crime-Control Failings in Relation to Cum/Ex Trading
- Financial Services Regulatory Initiatives Grid
- FCA Launches Consultation on Long-term Asset Fund (LTAF), Designed to Invest in Efficient Long-term Illiquid Assets, and Works on Liquidity Mismatch in Open-ended Property Funds
- FCA and Bank of England Statement on LIBOR Transition
- The Rise in Scams and the Threat to a Legitimate Financial Services Industry
- All Reporting Firms Moved to FCA's New Data Collection Platform Regdata
- FCA Publishes a Consultation Paper on the Use of Its New Powers Under the Benchmarks Regulation to Facilitate LIBOR's Wind Down
- Man Charged for Carrying Out Regulated Activities Without Authorization
- Firms Should Ensure That Permissions Are Reviewed Regularly
Firms Should Ensure That Permissions Are Reviewed Regularly
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Peter Ray PeterRay
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Jane Stoakes JaneStoakes
The FCA’s threshold condition “use it or lose it” project is focusing on firms that may not be using their permissions. As part of this process, the FCA is requesting data under their information gathering powers concerning firms’ business models and group structures. The request can also include details on types of clients, professional indemnity insurance policies, internal capital adequacy assessment processes (ICAAPs) and wind-down plans.
The FCA has previously highlighted that firms should keep their permissions under review. If permissions have not been used for 12 months, firms should consider removing those permissions.
If you receive a request for information from the FCA, we recommend that you reach out to your usual contact at Kroll who will be able to assist you.
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