The FCA can now strip an advisory firm of its ‘unused’ permissions in just 14 days. Apricity’s Jake Miller looks at why, how and the implications for firms.
After speaking on this for some time, the FCA has now gained new permissions powers (since May 2022) which are held within their arsenal as part of the ‘use it or lose it’ initiative.
For firms, this means that if you have permissions which you no longer use, the FCA can remove them. As soon as the FCA feel a permission is no longer being utilised, they will issue 14 days’ notice to the firm, and permissions could then be removed or varied within as little as one month.
This means the FCA will not have to rely as much on firms to ensure they have the correct permissions…
Read more in our Professional Paraplanner article here.