On 9 September 2021, the UK Financial Conduct Authority (FCA) released Consultation Paper 21/28 “New cancellation and variation power: Changes to the Handbook and Enforcement Guide” (the Consultation).

The New Powers will enable the FCA to reduce the risk of harm to consumers by removing the permissions given to firms that do not carry on or stop providing FCA-regulated activities.

Impacted firms will consequently be withdrawn from the FCA’s public Financial Services Register (Register).

The changes will apply only to firms authorised or deemed, under the temporary permissions regimes, to be authorised by the FCA under Part 4A of Financial Services and Markets Act 2000 (FSMA).

Firms authorised by the FCA other than under Part 4A (e.g., payment service providers or electronic money issuers) will not be impacted by the changes.

Comments are to be provided by 29 October 2021 by using the online form on the FCA website, by writing or by email at cp21-28@fca.org.uk.