Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial Conduct Authority definition

What does Financial Conduct Authority mean? The Financial conduct authority (fca) is the UK’s statutory conduct regulator for financial services and markets. In legal practice it is central to FCA authorisation and permissions, compliance with the FCA Handbook (including the Principles for Businesses, SM&CR and the consumer Duty), market conduct obligations and enforcement risk. Established by amendments to the Financial Services and Markets Act 2000 (FSMA) made by the Financial Services Act 2012, the FCA replaced the Financial Services Authority in April 2013. It makes rules, supervises firms, and investigates and enforces breaches. The FCA is the conduct regulator for all authorised firms...

FCA cancellation of FSMA Part 4A permissions and requirements: firm‑requested applications, own‑initiative powers, PRA consultation and cessation/run‑off considerations (United Kingdom)

Published by a LexisNexis Financial Services expert

Practice notes

When authorised firms stop conducting regulated activities, their Part 4A permission will be revoked. The Financial Conduct Authority (FCA) may likewise exercise its own-initiative powers to remove a permission where particular circumstances arise. The same approach applies to Requirements imposed on authorised firms: such requirements can be cancelled either on the firm’s request, or where the FCA deploys its own-initiative powers. This may occur, as necessary, in particular cases.

Cancellation of permission

Cancellation at the request of an authorised person

The FCA can cancel the Part 4A permission of an authorised person at that person’s request. Firms should give early notice, at the earliest opportunity, to their relevant regulator if they intend to cease performing one or more regulated activities on a permanent basis. This is to comply with Principle 11 of the FCA’s Principles for Businesses (PRIN 11) (SUP 15.3.8G (1)(d)), which requires firms to deal with their regulators in an open and co-operative manner, and to disclose anything the regulator would expect to know...

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Web page updated on 21/05/2026

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