The regime was designed to ensure that European firms operating in the UK via a passport when the Brexit transition period ended could continue operating temporarily while they seek full authorisation in the UK.
The TPR should only be used by firms who want to operate in the UK in the long-term and meet the standards to do so.
Firms may be
asked to stop undertaking new business or could be removed from the
TPR if they miss their ‘landing slot’, fail to respond to mandatory
information requests, have no intention in applying for full
authorisation, or if their authorisation application is refused.
The FCA
has already cancelled the temporary permissions of 4
firms, who, despite multiple opportunities, did not respond to
mandatory information requests.
Firms that
have had their permissions cancelled can no longer conduct regulated
business in the UK and will be committing a criminal offence if they do
so.
Emily Shepperd, Executive Director of Authorisations at the FCA, said:
'The
UK is open for business, but not to firms who do not
meet our regulatory expectations. We expect firms operating under the
regime to be responsive to our requests for information, and that
are coherent in their business planning. We will continue to act against
firms that fail to meet our standards.'
FCA
© FCA - Financial Conduct Authority
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