Cancellation of permission to carry on regulated activity Changes to the FCA’s deauthorisation procedure
Firms are granted authorisation by the FCA to carry out a range of financial services activities through Part 4A of FSMA. The grounds for the FCA to cancel a firm’s authorisation are set out in section 55J(1) of FSMA. This measure will add a new section 55JA of FSMA which introduces a new Schedule 6A, with the effect of providing the FCA with a new power to cancel or vary an authorisation.