Schedule 6, Part 5, paragraph 37

The FCA may cancel a Schedule 2A permission where one of the own-initiative conditions is satisfied (see paragraph 28). The PRA may cancel a PRA-authorised person's Schedule 2A permission where one of the own-initiative conditions is satisfied (see paragraph 28). The appropriate UK regulator must cancel a Schedule 2A permission where— the permission no longer enables the person to carry on an approved activity (whether by virtue of paragraph 13 or otherwise), and the UK regulator is satisfied that it is no longer necessary to keep the permission in force. In this paragraph, “the appropriate UK regulator” means— the PRA, in a case where the Gibraltar-based person is a PRA-authorised person, and the FCA, in any other case.

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