Section 12(1)

The FCA may vary a person's authorisation in any of the ways mentioned in regulation 8 if it appears to the FCA that— the person no longer meets, or is unlikely to continue to meet, any of the conditions set out in regulation 6(4) to (9) (conditions for authorisation) or, if applicable, the requirement in regulation 22(1) (capital requirements) to maintain own funds, or does not inform the FCA of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37 (duty to notify change in circumstance); the person has provided a particular payment service or payment services other than in accordance with the authorisation granted to it; the person would constitute a threat to the stability of, or trust in, a payment system by continuing to provide a particular payment service or payment services; the variation is desirable in order to protect the interests of consumers; or the person's provision of a particular payment service or payment services is otherwise unlawful, including where such provision of services is unlawful because the person's registration in a register maintained under regulation 54 or 55 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (duty and power to maintain registers) has been cancelled under regulation 60 of those Regulations (cancellation and suspension of registration).

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