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European firms wishing to remain in thetemporary permissions regime (TPR) need tomeetthe FCA’sstandards tocontinue operating in the UK.
The regimewas designed to ensurethatEuropeanfirmsoperatingin the UKvia a passportwhen theBrexittransition period endedcouldcontinue operating temporarilywhilethey seekfull authorisationin the UK.
The TPRshould only be used by firms who want to operate in the UK in the long-term and meet thestandards to do so.
Firmsmaybe asked to stop undertaking new business or could beremovedfrom the TPRif they miss their ‘landing slot’, fail to respond to mandatory information requests,have no intention in applying for full authorisation, orif theirauthorisation application is refused.
TheFCA hasalreadycancelled the temporary permissions of 4 firms,who,despitemultiple opportunities,did not respondto mandatory information requests.
Firms that have had their permissions cancelled can no longer conduct regulated business in the UK andwillbe committing a criminal offence if theydo so.
Emily Shepperd, Executive Director ofAuthorisationsat the FCA, said:
'The UK is open for business, but not to firms who do not meetourregulatory expectations. We expectfirmsoperating under the regimeto be responsive to our requestsfor information,andthat arecoherent in their business planning. We will continue to act against firms that fail to meet our standards.'
Notes to editors
Webpage aboutTPR firms that do not meet our expectations
Final notice in relation toArumpro Capital Limited
Final notice in relation toEsfera Capital, Agencia de Valores, S.A.
Final notice in relation toEvest Limited
Final notice in relation toINZMO Europe GmbH
https://www.fca.org.uk/news/press-re...y-operating-uk
