Any firm we authorise that wants to change its Part IV permission should submit a 'Variation of Permission' (VoP) application form.

When does a firm need to vary its Part IV permission?

A firm's permission should reflect the activities it actually carries out.

So if a firm decides to start:

  • a new line of business;
  • undertake a new regulated activity; or
  • extend a business line into a new product or to a new class of people;

then it should review its Permission and decide whether it needs to vary it.

Your firm will not need to apply for a variation if we do not regulate the new business or service.

My firm needs to vary our Permission – what do we do?

If your firm does need a VoP, you must first apply for and be granted the variation before you can undertake the extended activities. If you don’t and your firm carries out regulated business that its Permission does not cover then we can take enforcement action, as this would be a breach of our rules.

Similarly, if your firm stops a business line or wishes to reduce or restrict the scope of its Permission, you should consider whether you should:

  • remove the appropriate regulated activity;
  • change the client types or related product / investment types; or
  • add/delete limitations or requirements.

An increase in the scope of your firm's Permission may result in bigger fees, while a reduction in scope may reduce your firm's fees.

Before you apply to vary your firm's Permission you should also be aware that:

  • you may be charged a non-refundable application fee, which you must pay before we start to process the application – until you pay the application fee, we consider that no application has been made; and
  • your firm's financial category, your financial resource requirement and your reporting requirements may change to reflect the new Permission scope.

What we will do

We acknowledge all applications. We may ask you for more information to help us consider your application, although our application forms set out the typical information that we may ask to see.

We will attempt to process your application as quickly as possible. When we do this, we will try to meet any relevant dates you tell us about, but it would help us if you make your application in plenty of time.

We will make a decision within the earlier of:

  • six months of receiving your complete application, or
  • 12 months of receiving an incomplete application.

Most applications are processed well within the statutory standards. In practice, we process nearly all VoPs within two months of us receiving a complete application.

If we grant the application, we will send you a written notice. We will give you a written notice if we grant the application. We will send you a warning notice if we propose to:

  • reject your application;
  • impose other requirements; or
  • if we want to make other modifications to your application to which you have not agreed.

Before sending a warning notice we will discuss our concerns about the application with you.

Once you have received a warning notice, you may make representations to the Regulatory Decisions Committee (we will advise the relevant process you need to follow if you were to receive such a warning notice).

If, at any time, you wish to withdraw your application before we have made a decision, you must write to us and let us know.

VoP Application Forms

To submit a VoP you need to select the most appropriate application form.

Our application forms are tailored to the nature of your firm and the business you wish to undertake.  This approach will help you complete and submit your application as quickly and easily as possible.

We have produced an accompanying Factsheet for each form that you should read carefully before submitting your application. These notes support the application forms and give you further information and guidance.

There are five application forms. Each application is based around the business lines or activities that you wish to undertake:

The supporting Factsheet for each of these forms are here:

Which application form should I use?

Investment Business

You should complete this application form if you wish to add, change or delete any of the following:

  • investment business activities, or their corresponding customer types, investment types, or limitations;
  • client money in respect of investment business; or
  • requirements that relate to investment business.

Home Finance and General Insurance Mediation Business

Use this application form if you wish to add, change or delete any of the following:

  • home finance activities, including regulated home finance, home reversion schemes and home purchase plans, or their corresponding customer types, investment types, or limitations;
  • general insurance mediation activities, or their corresponding customer types, investment types, or limitations;
  • client money for general insurance mediation business or home finance business; or
  • requirements that relate to either general insurance mediation business or home finance business.

There’s more information on home reversion schemes and home purchase plans here.

Insurance Business, Banking (accepting deposits), Electronic Money, Lloyd's Market and Funeral Plan Providers

Complete this application form if you wish to add, change or delete any of the following:

  • insurance business activities, or their corresponding customer types, investment types, or limitations;
  • banking activities, or their corresponding customer types, investment types, or limitations;
  • electronic money, or its corresponding customer types, investment types, or limitations;
  • Lloyd's Market activities, or their corresponding customer types, investment types, or limitations;
  • funeral plan providers, or the corresponding customer types, investment types, or limitations;
  • client money in respect of any of the above activities; or
  • requirements that relate to any of the above activities.

Financial Advisers and Passporting (firms seeking to opt-in to MiFID)

You should complete this form if you are a financial adviser who wishes to opt in to the Markets in Financial Instruments Directive (MiFID) in order to provide investment services to clients in other EEA states. You can only use this form if you wish to:

  • add a requirement to your scope to become an 'Exempt CAD Firm'; and
  • notify us that you wish to passport into other EEA states.

Self Invested Personal Pensions (SIPPs)

We also have a fifth tailored application form for Self Invested Personal Pensions that you can still use.

If you wish to add the activities for SIPPs, please see the SIPPS webpage to find more guidance and the SIPPs application form.

For further help please use our frequently asked questions page. If you still require assistance following this, then please contact your usual FSA supervisor, our Firm Contact Centre, or email the Variation of Permission team.

You can obtain a paper copy of any of these forms by phoning our Firm Contact Centre on 0845 606 9966 (call rates may vary) and selecting option five when prompted. However, you will find it quicker and easier to download and complete the relevant application using the links provided above.

Cancellations

If your firm wishes to have its Permission / Authorisation cancelled then this is not a variation of permission but a cancellation request. In such cases, you should complete the cancellations form that can be found on their webpage.

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