Variation of permission | Submitting, assessing and determining a VoP
A firm authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA ) has a single Part 4A permission granted by the FCA or the PRA. This permission includes a description of the activities the firm may carry on (including any limitations), the specified investments involved, and, if relevant, any requirements. A firm is prohibited from carrying on a regulated activity in the United Kingdom (or purporting to do so) otherwise than in accordance with its permission.
A firm’s Part 4A permission should reflect the activities it carries out, so if a firm decides to: (i) start a new line of business; (ii) undertake a new regulated activity; or (iii) extend a business line into a new product or to a new class of people, it should review its Part 4A Permission and decide whether it needs to vary it. All regulated activities are defined in the Regulated Activities Order (RAO) .
PRA-authorised firms are required to submit a Variation of Part 4A Permission (VoP) application to the PRA. For substantial changes to a firm’s business model, the firm is advised to contact its supervisors in both the PRA and FCA in advance of submitting an application.
To apply to cancel an entire Part 4A permission, please refer to the Cancellation of Permission pages.