SCHEDULE 11 Variation or Cancellation of Part 4A Permission on Initiative of FCA: Additional Power
Financial Services Act 2021 (2021 c 22) | Legislation

SCHEDULE 11 Variation or Cancellation of Part 4A Permission on Initiative of FCA: Additional Power

Section 28

1

The Financial Services and Markets Act 2000 is amended as follows.

2

After section 55J insert—

“55JA Variation or cancellation on initiative of FCA: additional power

(1)     Schedule 6A confers an additional power on the FCA to vary or cancel an FCA-authorised person's Part 4A permission.

(2)     In this section and that Schedule “FCA-authorised person†means an authorised person who is not a PRA-authorised person.â€

3

After Schedule 6 insert—

“SCHEDULE 6A
Variation or Cancellation of Part 4A Permission on Initiative of FCA: Additional Power
Section 55JA

Additional power

1

(1)     If it appears to the FCA that an FCA-authorised person with a Part 4A permission is carrying on no regulated activity to which the permission relates, the FCA may exercise its power under this paragraph.

(2)     The FCA's power under this paragraph is the power—

(a)     to vary the Part 4A permission by—

(i)     removing a regulated activity from those to which the permission relates, or

(ii)     varying the description of a regulated activity to which the permission relates, or

(b)     to cancel the Part

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