Schedule 7, Part 4, paragraph 20

The FCA may cancel a Schedule 2B permission if— it receives a written request from the UK-based person to do so, or it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives. The PRA may cancel a PRA-authorised person's Schedule 2B permission if— it receives a written request from the UK-based person to do so, or it appears to the PRA that it is desirable to do so in order to advance one or more of its objectives. If a UK regulator proposes to cancel a UK-based person's Schedule 2B permission under sub-paragraph (1)(b) or (2)(b), it must give the UK-based person a warning notice. If a UK regulator decides to cancel a UK-based person's Schedule 2B permission under sub-paragraph (1)(b) or (2)(b), it must give the UK-based person a decision notice. If a UK regulator gives the UK-based person a decision notice under sub-paragraph (4), the UK-based person may refer the matter to the Tribunal. If a UK regulator cancels a Schedule 2B permission under this paragraph, it must notify the Gibraltar regulator in writing without delay.

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