All firms with the permission of ‘advising on P2P agreements’ that wish to remove this regulated activity from their Scope of Permission must apply to the FCA by 6 October 2016 to have it removed using the Variation of Permission(VOP) short form free of charge.
Firms that have already submitted the VOP form may have noticed that the removal of the permission has taken longer than anticipated by the FCA and in some cases has not yet been removed. We recommend that firms should retain their correspondence with the FCA as proof that their form was submitted ahead of the deadline.
Firms that do not submit the short form ahead of the deadline will need to submit a VOP application via the Connect system to have the permission removed. This will incur a VOP application fee and it may take several months for the application to be approved.
