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Section 55F: Giving permission: the PRA

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part 4A: Permission to carry on regulated activities

This section applies where the PRA is the appropriate regulator in relation to an application for permission under section 55A.

The PRA may with the consent of the FCA give permission for the applicant to carry on the regulated activity or activities to which the application relates or such of them as may be specified in the permission.

If it gives permission, the PRA must specify the permitted regulated activity or activities, described in such manner as the PRA considers appropriate.

The PRA may—

incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
specify a narrower or wider description of regulated activity than that to which the application relates;
give permission for the carrying on of a regulated activity which is not included among those to which the application relates.

Consent given by the FCA for the purposes of this section may be conditional on the manner in which the PRA exercises its powers under subsections (3) and (4).

Subsections (3) and (4)(b) and (c) do not enable the PRA to give permission that relates only to activities that are not PRA-regulated activities, except where the applicant is a PRA-authorised person otherwise than by virtue of a Part 4A permission.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.