FCA tightens grip on temporary permissions regime for European firms

Four permissions cancelled

The Financial Conduct Authority has reasserted the importance of meeting the regulator’s standards if European firms wish to operate in the UK.

The temporary permissions regime was designed to allow European firms to continue operating in the UK via a passport during the Brexit transition period, while seeking full authorisation. Firms that have a desire to operate in the UK over the long term should abide by the regime, but to date four have already had their permissions cancelled by the regulator for failing to respond to multiple mandatory information requests. FCA to investigate lack of competition in benchmark providers Permissions can also be removed if firms miss their landing slot or have no intention in applying f...