By the end of 2023, the Temporary Permissions Regime (TPR) is set to conclude, with the majority of existing applications anticipated to be processed by the FCA by June 2023. If firms have not submitted an application for full authorisation prior to the final deadline of December 31st, 2022, they will be required to exit the TPR. To do so, these firms must request to withdraw their temporary permission and, if eligible, transition to the Financial Services Contracts Regime (FSCR) in order to wind down their UK business or exit the UK regulatory boundary. The FCA will take action against firms that have failed to carry out these procedures to revoke their temporary permission.
If you have any questions about the TPR, or you think your firm may require assistance applying for Authorisation or TPR compliance, please contact Jan Hagen via jan.hagen@complyport.co.uk to book a free consultation.
How Can Complyport Help?
If your firm is seeking to obtain Authorisation following withdrawal of the TPR, Complyport’s team of experts is available to assist you. Our track record and deep understanding of regulatory requirements have earned the trust of over 1000 financial services firms over the past 20 years.
Led by Richard Corbyn, our team of Authorisations specialists have over two decades of experience with the FCA. This expertise positions us well to advise financial services firms on FCA and EU application and authorisation best practices.
Complyport’s experts will supply your company with all the necessary compliance documents, policies, and procedures to ensure that you are up-to-date and prepared to trade once authorisation is successful.
Watch our webinar providing a guide for firms planning to submit an FCA authorisation application here.
About Complyport
Complyport is a market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. We have successfully assisted over 1000 firms to become authorised with the FCA and EU and are providing regulatory support to over 600 regulated firms on an ongoing basis globally. With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.
We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice including support with:
- Internal Audit Function support
- Operational resilience & cybersecurity advice
- CASS advice and protections of client assets
- Prudential support, IFPR, ICARA and financial resilience advice
- Financial Promotions management software solutions
- Comprehensive compliance work-flow management software
- Compliance managed services and resourcing compliance personnel
- Financial crime and forensics
- Consumer Duty implementation advice
- Skilled Person Reviews and regulatory investigation
- Expert Witness
