VARIATION OF PERMISSION (VOP).
Expert support to help firms expand, amend, or restructure their regulatory permissions efficiently.
Successfully navigating the FCA’s Variation of Permission (VOP) process takes more than an understanding of the rules. It also requires a clear understanding of your firm’s growth trajectory and how proposed changes align with your long-term vision. With our expertise, your firm can confidently secure the permissions it needs, empowering your next phase of growth with the full backing of the FCA.
Our approach to VOP transcends the technicalities, strategically positioning your business as resilient, future-ready, and fully compliant with FCA expectations.
ARTICULATING CHANGES.
Whether launching additional services, or restructuring your operations, we guide you through all stages of the authorisation process. This includes everything from drafting the VOP application to responding to FCA queries.
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REFRAMING
Our experts assess which activities trigger the need for a VOP and determine the specific permissions required. This ensures your application is accurately targeted and aligned with FCA requirements, reducing the risk of challenges or delays.
RESTRUCTURE
We help you to craft a comprehensive, transparent, and persuasive case for why changes are in the best interest of the business, the regulator, and your stakeholders.
REVIEW
Our experts support you throughout the FCA’s review, ensuring your responses are precise, clear, and strategically crafted to address any concerns the FCA may have. This speeds up the approval process and reduces the risk of conditions or rejections.
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FREQUENTLY ASKED QUESTIONS
Find answers to the questions we’re asked most often, from our compliance and training services to how we can support your business.
What is a Variation of Permission (VoP) and when is it needed?
A Variation of Permission (VoP) is the process by which an FCA-regulated firm applies to change the scope of its regulatory permissions. This may involve adding new regulated activities, removing existing ones, or amending limitations and requirements. A VoP is required whenever a firm wants to expand, restructure, or adapt its regulated business activities.
What types of business changes require a Variation of Permission?
A VoP is required when a firm wants to launch additional financial services, enter new markets, restructure its operations, or add new products that fall outside its current regulatory permissions. Any material change to the scope of your regulated activities is likely to require FCA approval before it can take effect.
How long does the FCA Variation of Permission process take?
The FCA typically aims to assess straightforward VoP applications within six months. However, more complex applications involving significant changes to a firm's business model or risk profile may take longer. A well-prepared application that clearly articulates the proposed changes and their alignment with FCA expectations can significantly reduce the timeline.
What does the FCA assess when reviewing a Variation of Permission application?
The FCA assesses whether the proposed changes are consistent with the firm's existing governance, systems and controls, and risk management framework. Firms must demonstrate that they have the resources, expertise, and operational infrastructure to support the expanded or amended permissions being sought.
How can Cosegic help with a Variation of Permission application?
Cosegic guides firms through every stage of the VoP process, from identifying the permissions required and drafting the application to responding to FCA queries. Our regulatory expertise ensures your application accurately reflects your business model, aligns with FCA expectations, and supports your next phase of growth.