PRA statement on firm authorisation under the Temporary Permissions Regime

This statement provides an update on the PRA’s approach to firm authorisation under the Temporary Permissions Regime (TPR), relevant to European Economic Area (EEA) banks and insurers within scope.
Published on 14 June 2021

Following the end of the transition period on Thursday 31 December 2020, the Temporary Permissions Regime (TPR) came into effect. The PRA has an extended time period to process authorisation applications from EEA banks and insurers in TPR (currently up to the end of 2023). 

There has been a considerable volume of applicants of varying scale and complexity across a range of different business models, and some firms in TPR may choose not to apply for authorisation until the end of 2022 (or otherwise as the PRA may direct). 

As such, the PRA expects to take authorisations decisions on a case-by-case basis dependent on PRA resourcing and governance processes and it may also result in multiple decisions taken on the same date. 

This means some firms may receive an authorisation application outcome ahead of others. The timing of authorisation should not be taken as an indication of the PRA’s view of risks at individual institutions.