The FCA has published draft guidance setting out new powers that will allow it to remove regulatory permissions more efficiently.
The guidance addresses concerns surrounding permissions no longer used by financial services firms. Permissions that are incorrect or outdated, found on the FS (Financial Services) register, "mislead consumers", according to the watchdog. Clients can be deceived as to the level of protection offered by a firm, for example. The regulator also said inaccurate or outdated information in this regard gives credibility to a firm's unregulated activities. "Firms can and should apply to have their permissions cancelled if they no longer plan to use them but many fail to do so," said Mark S...
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