Schedule 5, paragraph 10

Section 55Y (exercise of own-initiative power: procedure) is amended as follows. After subsection (1) insert— This section also applies to an exercise of the FCA’s power under subsection (5)(b) of section 55NA to vary of its own initiative a permission given under that section to an authorised person (“A”). References in this section to a regulator’s own initiative variation power are to be taken as including the power mentioned in subsection (1A). For subsection (4) substitute— If either regulator— it must give A written notice. proposes to vary a Part 4A permission or to impose or vary a requirement, varies a Part 4A permission, or imposes or varies a requirement, with immediate effect, proposes to vary a permission under section 55NA, or varies permission under section 55NA with immediate effect,

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