800.This Part sets out the minimum conditions against which an applicant for permission under section 40 must be measured.  Failure to meet one of the conditions is sufficient grounds for refusal to grant permission or for granting permission for a narrower range or definition of regulated activities than sought by the applicant.  However, the fact that an applicant satisfies all the applicable conditions in this Schedule does not confer any automatic right to permission.  The Authority retains some discretion to refuse an application even where all these conditions are satisfied.
801.The conditions must also be met on an on-going basis by authorised persons and failure to meet one of the conditions is sufficient grounds for the exercise by the Authority of its power to vary an authorised person’s permission under section 45, and through that power, its power to withdraw an authorised person’s authorisation under section 33.  However, the Authority may, from time to time, temporarily subordinate the need to ensure that the threshold conditions are met on a continuous basis in line with its statutory objective of protecting consumers.
Schedule 6: Threshold Conditions Part I: Part IV Permission