FCA has started using its powers to remove temporary permissions from firms in the TPR who missed their landing slots. Lyonnaise de Banque missed its allocated slot, which gave it until 31 March 2022 to apply. FCA has removed its permissions. As a result, if the firm is still carrying on regulated activities in the UK, it should notify FCA that it needs to use the supervised run-off regime. The very latest any firm has to apply under the TPR is 31 December. FCA notes that firms that carry on regulated activities in the UK after their temporary permissions have been revoked may be committing a criminal offence.
