Variation of Permission (VoP)
CCL is well equipped to assist firms needing to vary their scope of permission. We are able to help by completing of the Variation of Permission (VoP) Form directly onto the FCA Connect system and, where required by the nature of the application, assist in the preparation of the supporting documentation; such as business plans and financial projections. We will also prepare any enhancements to compliance policies and procedures which are required to conduct any new areas of business in compliance with the required standards. We can design any necessary enhancements to the monitoring programme which will enable your Firm to demonstrate control over the new areas of operation.
Whether the VoP is simple and straightforward or considerable and complex, CCL has the experience and expertise to assist.
Our considerable experience in handling complex authorisations, means we are able to anticipate the regulator’s likely areas of focus and assist your Firm in addressing these as part of the initial filing, enabling the application to be processed with efficiency.
We can support you through this process in the following ways:
- Discussing the new area of business with you to understand and identify which new permissions may be required
- Advising on the regulatory requirements of the new business, so that you know what is needed and prepare accordingly
- Considering any critical gaps that may exist in your current resources which may need to be filled before commencing your new activities
- Identifying any training needs and assist in meeting these
- Completing the business plan, financial projections, ICAAP, new compliance policies and enhanced monitoring process
- Preparing the draft application pack, including supporting forms
- Walking through the application in its entirety with your senior management so that they understand what is being submitted and what the regulator’s expectations are
- Assisting you in fully and effectively responding to the regulator’s questions following its review of the application
- Supporting you to integrate the necessary changes to your compliance architecture so you are ready to commence the new business in compliance with regulatory requirements
- Guiding you through the initial stages until the new operations become business as usual for you