FCA speeds up permission removal process
The FCA has confirmed it will use new powers to cancel or change more swiftly the regulated activities firms are permitted to do as it bolsters its ‘use it or lose it’ initiative.
The FCA added that this new power was available following a change in the law allowing it to streamline and shorten the removals process.
In November the regulator had detailed changes designed to improve the speed and allow senior managers to start civil and crimimal proceedings, cancel permissions and address individual authorisation.
The watchdog updated that it will provide a firm with two warnings if it believes the business is not using its regulatory permission. The FCA will then be
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