Section 55L(2)

The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) (“A”) if it appears to the FCA that— A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA is responsible, A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives.

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Source: legislation.gov.uk · retrieved 2026-09-04