own-initiative variation power

the FCA's or the PRA's power under section 55J of the Act (Variation or cancellation on initiative of regulator) to vary or cancel a Part 4A permission otherwise than on the application of a firm, which power is supplemented, in respect of FCA-authorised persons, by the FCA’s additional own-initiative variation power. The latter power is, for the avoidance of doubt, not within the scope of this definition.