On 20 May 2021, the FCA updated its webpage regarding change of legal status.

From 1 June 2021, the FCA will no longer be accepting change of legal status applications. Instead, if a firm is thinking of changing its legal status, it will need to submit a new authorisation application. The firm will also need to cancel its previous permissions.

When submitting an application for the new legal entity, there must be a signed Deed Poll declaration. This requires the firm to deal with any complaints from existing customers in the same way that it would for customers of the new legal entity. The FCA has this requirement to prevent firms leaving behind their obligations to their customers by changing their legal entity.