Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Variation definition

What does Variation mean? A variation is a change to the agreed works, services, specification, quantities, timing or price after the contract has been formed. The term is descriptive rather than statutory, but is commonly defined and regulated in standard forms (for example, JCT “variations”; NEC uses “compensation events”) and in bespoke change control provisions. Variations are usually governed by a Change Protocol or change control procedure that sets parameters for instructing, approving and pricing changes, allocating risk, and adjusting programme, milestones and payment. valuation typically follows contract rates, dayworks or a reasonable cost basis. Proper authority, notices and records are critical. Key legal...

FSMA 2000 (UK): Varying or Cancelling Part 4A Permissions and Obtaining FCA/PRA Waivers or Modifications—Applications, Criteria and Timelines

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Practice notes

From 1 April 2013, the PRA and the FCA replaced the FSA.

From 1 April 2013, alongside determining which regulator is relevant to a firm’s operations and, where necessary, seeking dual authorisation from the PRA and FCA, firms have had to consider the category of PRA‑regulated activities for which permissions are required, as well as regulated activities for which FCA permissions are required by the relevant regulators, respectively. For further details see: Regulated activities—specified activities and investments—overview, Prudential Regulation Authority—supervisory approach—deposit-takers, and Prudential Regulation Authority—supervisory approach—insurers.

A key change from 1 April 2013, described in FCA publications CP12/24, CP12/26 and PS13/05, concerned the process for a firm to apply to vary or cancel its authorisation or Part 4A permissions, or to vary or cancel requirements imposed by the PRA or FCA. Firms now use the Connect system for matters relating to authorisation and permissions from either the PRA or the FCA, as set out in those materials. Dual‑regulated firms submit applications to the PRA, which consults the FCA as appropriate...

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Web page updated on 21/05/2026

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