FCA has reminded firms they should regularly check that they have all the right regulatory permissions for their businesses. Firms need not only to seek a variation of permission to add new activities, but should also apply to remove permissions they are not using. Firms will need to pay fees based on the permissions on the Register and will be expected to comply with all relevant rules. FCA currently has power to remove permissions that have not been used for at least 12 months, but firms are also required to attest annually that the information on the Register is accurate.
If the Financial Services Bill proposals become law, FCA will be able to act a lot more quickly in future.