Variation of Permission
Peak Consultants assists firms with FCA Variation of Permission (VOP) applications, ensuring compliance when changing or expanding regulated activities.
If an authorised firm wants to change or add to its regulated activities, it can apply to the FCA for a variation of permission (VOP).
Your firm’s ‘scope of permission’ should accurately reflect the activities it carries out. You will need to review your current permission as recorded on the Financial Services Register and decide whether a VOP is required whenever you want to:
• start a new line of business
• start a new regulated activity
• add a new product or client type to your business line.
When you need to apply
You must not begin transacting the requested business until the FCA has approved your application for a variation of permission. Doing so constitutes a breach of its rules, and the FCA can take enforcement action.
Before you apply for a variation of permission, you should be aware that your firm’s financial category, your financial resource requirement and your reporting requirements may change to reflect the new scope of permission.
Increasing the scope of your permission may lead to the fees you pay going up. Conversely, reducing your scope of permission could reduce them.
A VOP may be required if you:
- start a new line of business
- start a new regulated activity
- add a new product or client type to your business line.
Key Benefits
Global Financial Experts and Former Regulators
Our team covers key global financial services centers and contains individuals who have held senior risk and compliance positions in global institutions, as well as former regulators
Full-Service Partnership with Regulatory and Industry Expertise
We work in partnership with our clients enabling us to provide a full service, combining deep regulatory knowledge with practical industry experience
Customised Solutions for Your Business Needs
Our methodologies and solutions are tailored to each assignment and client and consider the regulatory environment and the client’s business model, commercial aspirations, risk appetite and internal governance
Tailored Teams with Practical and Technical Expertise
By understanding the needs of each specific client we can tailor our teams accordingly, ensuring that there is sufficient practical and technical knowledge and experience applied to each project
