Schedule 7, Part 3, paragraph 17

The FCA may exercise a power under sub-paragraph (2) in relation to a Schedule 2B permission if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives. The FCA may vary a Schedule 2B permission by— adding to the activities to which the permission relates a restricted activity which, when carried on in the United Kingdom, is not a PRA-regulated activity, removing a restricted activity from those to which the permission relates, varying the description of a restricted activity which, when carried on in the United Kingdom, is not a PRA-regulated activity, or varying the description of a restricted activity which, when carried on in the United Kingdom, is a PRA-regulated activity in a way which does not, in the opinion of the FCA, widen the description. The PRA may exercise a power under sub-paragraph (4), (5) or (6) in relation to a Schedule 2B permission if it appears to the PRA that it is desirable to do so in order to advance one or more of its objectives. In the case of a PRA-authorised person, the PRA may vary the person's Schedule 2B permission. In the case of a person who is not a PRA-authorised person, the PRA may vary the person's Schedule 2B permission by adding to the activities to which the permission relates a restricted activity which, when carried on in the United Kingdom, is a PRA-regulated activity. Where it adds an activity under sub-paragraph (5), the PRA may vary the person's Schedule 2B permission in any of the other ways described in paragraph 12(2).

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