Firms or individuals are required to apply to the Prudential Regulation Authority (PRA) for authorisation to carry on PRA regulated activities or for approval of individuals for PRA designated significant influence functions within dual-regulated firms.
Firms must also apply to, or notify, the PRA in relation to changes in control and close links, passporting, variation of the scope of a firm’s permission, cancellation of a firm’s Part 4A permission and waiving/modifying relevant handbook rules.
The PRA’s assessment of such applications will be proportionate to the risks posed to its objectives.
See the relevant pages referenced below for further information on each of these functions.
The Authorisations Team within the PRA is responsible for coordinating applications and notifications received by the PRA in relation to the following:
- New firm authorisation – for firms wishing to apply for Part 4A permission to accept deposits or carry out insurance related activities.
- Senior Managers & Senior Insurance Managers regimes – for individuals in dual-regulated firms wishing to apply to perform a PRA ‘Senior Managers/Senior Insurance Managers Function'. This replaces the 'Approved Persons' regime.
- Change in control & close links – for firms or individuals wishing to apply to acquire or increase their control in a dual-regulated firm, or notify the PRA of a decrease or cessation of control in a dual-regulated firm, or report a change in a dual-regulated firm’s ‘close links’.
- Passporting – for firms wishing to passport out of, or into, the UK under the single market directives.
- Variation of Permission – for dual-regulated firms wishing to apply to vary their permission or for FCA-only regulated firms wishing to apply to add a PRA regulated activity to their permission.
- Cancellation of Part 4A Permission – for dual-regulated firms wishing to cancel their Part 4A permission.
- Approvals and waivers under the Solvency II Directive - for firms wishing to apply for an approval or waiver under the Solvency II Directive.
- Waivers – for dual-regulated firms wishing to request a waiver or modification to PRA handbook rules.
- CRR Permissions - for firms seeking to apply national discretions provided for in the CRR.
- Intra Group Financial Support - for firms and holding companies seeking approval of a proposed IGFS agreement and notifying of an intention to provide support.
The Financial Services and Markets Act 2000 requires the PRA to make decisions relating to the authorisations processes within set timeframes. The statutory service standards and performance against the deadlines for the period from 1 April 2013 to 28 February 2014 (ie from legal cutover to the end of the PRA’s financial year) is availabe in Key Resources.