The Herrington Carmichael regulatory team advised a long established financial planning firm on successful application for FCA deauthorisation and cancellation of its permissions.
The Client
A well-established UK-based financial planning firm preparing for the next stage of its corporate journey, requiring regulatory clearance to support a wider transaction.
The Challenge
As part of its strategic transition, the client sought to cancel its FCA permissions and formally deauthorise. With the FCA applying increasing scrutiny to deauthorisation applications—particularly to mitigate risks to the Financial Services Compensation Scheme—securing timely approval required a clear, well-prepared submission and expert regulatory guidance.
Our Approach
The Herrington Carmichael Regulatory Team advised the client throughout the FCA deauthorisation process. Our support included:
- Preparing and submitting the deauthorisation application, ensuring all regulatory requirements were met
- Engaging with the FCA to address potential concerns and expedite approval
- Aligning the regulatory process with the client's broader corporate transaction timeline
The Outcome
The FCA granted swift approval of the deauthorisation application, enabling the client to proceed with the next phase of its corporate transaction. The outcome reflected the team's deep understanding of the regulatory landscape and ability to deliver under increasing scrutiny.
What Our Team Said
Mark Chapman, Partner – Regulatory & Commercial, commented:
"With FCA deauthorisation applications coming under increasing scrutiny to reduce the risk of claims on the compensation fund, we were pleased to secure a swift approval of our client's application, enabling them to progress to the next stage of their corporate transaction."
The Team
The project was led by Mark Chapman, Partner – Regulatory & Commercial, with support from Brendon Lesar, Registered Foreign Lawyer and Rhian Hazeldene, Trainee Solicitor.