DEPP 8.4 Use of the own-initiative variation of approval power in urgent cases

The FCA may impose a variation of approval to take effect immediately, or on a specified date, if it reasonably considers that this is necessary having regard to the reasons for which it is exercising the own-initiative variation of approval power.

The FCA will consider exercising its own-initiative variation of approval power as a matter of urgency where:

1. (1)

   the information available to it indicates serious concerns about the SMF manager or their firm that need to be addressed immediately; and

2. (2)

   circumstances indicate that it is appropriate to use statutory powers immediately to require and/or prohibit certain actions by the SMF manager to ensure these concerns are addressed.