On 18 January 2022, the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take in the following scenarios:
- FSMA firms that miss their landing slot.
- Firms that fail to respond to mandatory information requests.
- Firms that do not intend to apply for full authorisation.
- Firms whose authorisation application is refused.
The actions the FCA will take against firms in these scenarios may involve the FCA:
- Taking steps to remove the firm from the TPR.
- Asking the firm to confirm that they have voluntarily stopped undertaking new business (i.e. onboarding new customers) or, if they do not voluntarily agree to this, seeking to use its powers to prevent firms from undertaking new business.
- Directing a FSMA firm to apply in a landing slot sooner than the existing landing slot.
- Requesting a payments or e-money firm to specify a date when they will cease to engage in new business – if they fail to do so, the FCA may specify the date.