Section 63ZB

The FCA may vary an approval under section 59 given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by an authorised person if the FCA considers that it is desirable to do so in order to advance one or more of its operational objectives. The PRA may vary an approval under section 59 for the performance of a designated senior management function in relation to the carrying on of a regulated activity by an authorised person if— either— the PRA gave the approval, or the FCA gave the approval and the ... authorised person is a PRA-authorised person, and the PRA considers that it is desirable to do so in order to advance any of its objectives. A regulator may vary an approval by— imposing a condition, varying a condition, removing a condition, ... where the approval has effect for an unlimited period, limiting the period for which the approval is to have effect , or where the approval has effect for a limited period, varying that period or removing the limit on the period for which the approval is to have effect. Before one regulator varies an approval given by the other regulator, it must consult the other regulator. Before one regulator varies an approval which was last varied by the other regulator, it must consult the other regulator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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