On 18 and 21 January 2022, the FCA published its approach to European firms in the temporary permissions regime (TPR) and on TPR firms that do not meet its expectations. By way of reminder, the purpose of the TPR was to ensure that European firms operating in the UK via a passport when the Brexit transition period ended, could continue operating temporarily while they seek full authorisation in the UK. The update sets out the FCA's approach to TPR firms and the actions the FCA may take where firms do not meet the FCA's expectations, including where a TPR firm:
- Misses its landing slot;
- Fails to respond to mandatory information requests;
- Does not intend to apply for full authorisation; or
- Whose authorisation application is refused.
The FCA noted that it has already cancelled the temporary permissions of four firms who did not respond to mandatory information despite multiple requests. The FCA reminds firms that any firm whose permissions have been cancelled are not permitted to conduct regulated business in the UK and to do so would be committing a criminal offence.
If a TPR firm doesn’t meet our expectations, find out what actions we may take, depending on the circumstances.