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Considerations for firms leaving the Temporary Permissions Regime

Temporary Permissions Regime
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The Temporary Permissions Regime (TPR) is scheduled to conclude on 31 December 2023. To obtain full authorisation in the UK, firms were required to apply by 31 December 2022, which marked the closure of the final landing slot.

Most applications are expected to be processed by the end of June 2023, but the exact duration will depend on several factors such as the firm’s landing slot and the quality and complexity of the application. Firms can contact their case officer to obtain an update on their application.

Firms that lack a valid reason for not seeking full authorisation are encouraged to voluntarily apply to cancel their temporary permission and either enter the Financial Services Contracts Regime (FSCR) to wind down their UK business (if eligible), or leave the UK regulatory perimeter.

If firms fail to take action, steps will be taken by the FCA to cancel their temporary permission.

For more FCA information on the TPR, click here.

How we can help

Neopay leads the market in navigating companies through the FCA compliance process. We have a 100% success rate in gaining authorisation for our clients and, through our ethos of knowledge sharing and partnership, we deliver confidence and understanding as well as a successful application.

If you would like more information on how we can support your business in meeting your FCA compliance requirements and obligations, contact us here.

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