As we have previously reported, the FCA’s Temporary Permissions Regime (TPR) allows EEA firms which had been providing financial services in the UK on the basis of passporting rights derived under EU legislation to continue to do business for a period of time after Brexit - so long as they notify the FCA in time that they want to enter the TPR. This regime allows such firms time in which to submit and obtain full authorisation under FSMA.
What’s new?
On 12 August 2022, the FCA updated its webpage to confirm that all firms in the TPR that the FCA is expecting to apply for full authorisation in the UK should by now have received a formal direction confirming their ‘landing slot’.
Firms which the FCA is not expecting to apply for full authorisation in the UK, though, may not have received a landing slot direction.
A firm which
- does intend to apply for full UK authorisation
- will be solo-regulated by the FCA and
- has not received a landing slot direction
can still apply – the FCA must receive the application before the end of 31 December 2022.
Applications received after this deadline will be deemed invalid.
What happens if you don’t meet the 31 December deadline?
The FCA also reminds firms that a firm which misses its landing slot or fails to apply by 31 December 2022 will be expected to voluntarily apply to cancel its temporary permission and either
- enter supervised run off (SRO) to run-off its UK business (if eligible) or
- leave the UK perimeter.
Where a firm does not take either of these steps promptly, the FCA “will look to take action to cancel their temporary permission”.
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