Article 10 Temporary permission

(1)

A person entered onto the register in accordance with article 9 for a relevant activity has temporary permission to carry on the relevant activity.

(2)

Subject to this article and article 11, temporary permission for a relevant activity has effect as if it were a Part 4A permission to carry on that relevant activity on or after the regulatory commencement date.

(3)

Temporary permission for an individual temporarily permissioned person ceases to have effect as follows—

(a)

subject to sub-paragraph (e), where that person makes a relevant application on or before the last application date, and the FCA decides to grant the application, on the day stated in its written notice under section 55V(5)^f1 as the date from which the permission granted under that notice has effect;

(b)

subject to sub-paragraph (e), where that person makes a relevant application on or before the last application date, and the FCA decides to give or vary a Part 4A permission under section 55X(4)(a), (b), (c), (d) (ea) or (eb)^f2 (determination of applications: warning notices and decision notices), on the day on which the FCA gives the decision notice under section 55X;

(c)

subject to sub-paragraph (e), where that person makes a relevant application on or before the last application date, and the FCA decides to refuse the application under section 55X(4)(f), then—

(i)

permission in respect of article 36A or 60B(1) of the Regulated Activities Order and article 64 of that Order so far as it relates to the activities specified by those articles ceases to have effect on the day on which the FCA gives the decision notice refusing the application under section 55X;

(ii)

permission in respect of article 60B(2) of the Regulated Activities Order and article 64 of that Order so far as it relates to the activity specified by that article continues until whichever is the earliest of—

(aa)

the end of a period of 2 years beginning with the day referred to in paragraph (i);

(bb)

where that person gives written notice to the FCA that they no longer want to have a temporary permission under this paragraph, the day after the date on which the notice is given; or

(cc)

the day on which that person has recovered all sums due to them under any credit agreement covered by the temporary permission or otherwise discharged them;

(d)

subject to sub-paragraph (e), where that person makes a relevant application on or before the last application date, and they withdraw their application by written notice under section 55V(4) (determination of applications), then—

(i)

permission in respect of article 36A or 60B(1) of the Regulated Activities Order and article 64 of that Order so far as it relates to the activities specified by those articles ceases to have effect on the day after the date on which that person gives notice of withdrawal of the application under section 55V(4);

(ii)

(aa)

the end of a period of 2 years beginning with the day referred to in paragraph (i);

(bb)

where that person gives written notice to the FCA that they no longer want to have a temporary permission under this paragraph, the day after the date on which the notice is given; or

(cc)

the day on which that person has recovered all sums due to them under any credit agreement covered by the temporary permission or otherwise discharged them;

(e)

where, after that person gives written notice to the FCA that they no longer want to have temporary permission in relation to a relevant activity, then the day after the date on which the notice is given;

(f)

where a temporarily permissioned person does not make a relevant application before the last application date, then on the day after the last application date.

(4)

Paragraphs (5) and (6) apply where—

(a)

a person’s temporary permission ceases to have effect by virtue of paragraph (3) or the exercise of the FCA of the powers conferred on it by the 2000 Act to cancel a Part 4A permission; and

(b)

that person consequently ceases, on the day on which that person’s temporary permission ceases (“the cessation date”), to be a person with a Part 4A permission to carry on the relevant activity.

(5)

Paragraph (6) applies in relation to—

(a)

any act or omission by the person referred to in paragraph (4) during the period of temporary permission which occurred before the cessation date; or

(b)

the contravention by that person of any requirement imposed on that person under section 55L^f3 (imposition of requirements by FCA) or 404F(7)^f4 (a requirement to establish and operate a scheme which is similar to a consumer redress scheme) which—

(i)

is in effect immediately before the cessation date; and

(ii)

continues to have effect in accordance with paragraph (7).

(6)

Part 11 (information gathering and investigations), Part 14 (disciplinary measures) and section 384 (power of the FCA to require restitution) are to be read as if a reference to an authorised person included a reference to the person referred to in paragraph (4).

(7)

Any requirement referred to in paragraph (5)(b)—

(a)

continues to have effect after the cessation date until such time as it is cancelled by the FCA; and

(b)

must be cancelled by the FCA when it is satisfied that it is no longer necessary for that requirement to continue to have effect.

(8)

In this article, a reference to a numbered section or Part is a reference to the section or Part so numbered in the 2000 Act.

Annotations

Footnotes

f1: Section 55V was inserted by section 11(2) of the Financial Services Act 2012. Subsection (5) was amended by paragraph 8 of Schedule 5 to the Financial Services and Markets Act 2023 (c.29).
f2: Section 55X was inserted by section 11(2) of the Financial Services Act 2012. Subsection (4) was amended by paragraph 9 of Schedule 5 to the Financial Services and Markets Act 2023.
f3: Section 55L was inserted by section 11(2) of the Financial Services Act 2012.
f4: Section 404F was inserted by section 14(1) of the Financial Services Act 2010 (c.28). Subsection (7) was amended by paragraph 20 of Schedule 18 to the Financial Services Act 2012.