The Temporary Permissions Regime ('TPR') was designed in response to Brexit to ensure that European firms operating in the UK via a passport could continue operating temporarily while they seek full authorisation in the UK.
It’s been nearly 2 years since Brexit and the introduction of the regime. How time has flown; with COVID-19 and the economy now heading towards a recession, it wouldn’t surprise me if your Part 4A authorisation is the last thing on your mind.
Unfortunately, time waits for no one.
What we are seeing
The FCA has been clear on the action it will take against firms that fail to apply during their allocated landing slot. So far the FCA has revoked the permissions of four companies. Why wait until the last minute to make a move?
There are four options you can take:
Will you apply for authorisation as a branch
Will you apply for authorisation as a