Our cancellation process
For most firms our cancellation process is straightforward. Generally, we only require you to complete a short application for cancellation form. You do not have to pay a fee.
Please note:
We require a completed application form to begin the cancellation process.
Writing to tell us you intend to cancel is not sufficient.
Details of how to obtain the form are given below.
Cancelling your authorisation - fees reminder
FSA fees year runs from 1st April to 31st March.
If you want to cancel your authorisation you must apply to do so on the appropriate form before 31 March to avoid paying annual fees for the following year.
If you apply after 31 March, full annual fees will be payable as there are no pro-rata arrangements or refunds of fees.
Applications received after 31 March will only be approved if you have received and paid your annual fee invoice, as our rules prevent us from cancelling a firm's permission until any outstanding fees have been paid (FSA handbook: SUP6.4.22 G (8)). This may lead to a slight delay in finalising the cancellation. However, the FSA will issue an invoice as soon as possible and then we will make every effort to complete the processing of your application once payment has been received. Please accept our apologies for any inconvenience that this may cause.
What happens once we get your form
We acknowledge your application and allocate you a case officer. We may ask for further information depending on the type of firm you are, the type of clients you have and how the business will be disposed.
If you are able to meet all of the above conditions, we will try to make a decision within 3 months of receiving your application. However, this may not be possible at peak submission times – for example, the end of March.
If you are unable to meet all the conditions it will take much longer for us to make a decision. However, our statutory deadlines mean we must make a decision within the earlier of (a) six months of receiving a completed application or (b) 12 months of an incomplete application.
We may refuse to cancel a permission if it appears that cancellation would not be in the interests of a firm's consumers. Or we may require the firm to carry out additional procedures and/or provide additional information before we grant the cancellation.
We will notify you in writing if we grant the application – or send you a warning notice if we are proposing to reject the application. Your firm may then make written and oral representations to us about that proposed decision, which we must consider before we decide to either give you a Decision Notice refusing the application or to grant it.
If your firm wishes to withdraw its application before we have made a decision, you must write to us.
How to apply to cancel your authorisation
Your firm can apply to cancel its authorisation by completing:
- the form on this website;
- the offline form, which you can get by calling the Firm Contact Centre on 0845 606 9966 (call rates may vary) and selecting Option 1 when prompted.
The forms include guidance; further details are at SUP 6.4 of the FSA Handbook.
The forms include guidance; further details are at SUP 6.4 of the FSA Handbook.
Further information
If you have any further questions the answer may be on our frequently
asked questions page.