TERMS & CONDITIONS What can cause an application to fail?  Authorisations  Most commonly non-disclosure of material facts, or oversight of something you did not think was pertinent or relevant; your Business Plan does not demonstrate a coherent, logical flow and is not presented with an expected level of articulacy (written document);  your business case for seeking to begin a Regulated Activity is not deemed sufficient; not enough relevant experience; your accounts and forecasts may have discrepancies (N.B. you will need to ensure you have a competent accountant do this part for you - my role is not that of accountant); your organisational structure, and/or the fitness & propriety (or otherwise) of those within it, can raise concerns; evidence that key staff members are suitably equipped to perform the proposed functions may be deficient; CRB checks yield undisclosed facts and history; Intelligence from other outside agencies; one or more of the Threshold Conditions have not been met (e.g. residential status/domicility) - the list can indeed go on!   Variations of Permission (‘VoP’)  Much of the above will apply with a VoP, where a firm is seeking to 'Vary upwards' and entering a completely new realm of regulatory activity. Where this happens, a VoP is essentially treated as a micro-Authorisation case. Beyond that, a firm might fail to demonstrate suitable justification or reasoning for their VoP application; the requested manoeuvre might lead to a Threshold Condition being broken; other problems or discrepancies might show within the application form itself. Even when Varying 'downwards', a fair level of scrutiny is still applied. Cancellations  One of the main issues being looked out for is 'phoenixing' - where the FCA has to be satisfied that the application to Cancel ('Cancelling Part IV Permissions') does not in some way facilitate a firm or individuals within it to escape from liabilities and start anew elsewhere. Less of an issue this decade, but the FCA will also need to be satisfied that the firm in question does not have any outstanding Pensions Review liabilities, or cases unresolved. If your six-digit FCA registration number begins with '4', then this will not be an issue for you; with Cancellations especially, if the case officer instinctively feels that there is something untoward or 'more than meets the eye' about the application, then this can be a source of delay, unless a hunch is backed up with investigation-based evidence.  Where the case officer in question feels that an application should be refused, they will be personally responsible for building the 'case against' - for presentation to a committee composed of individuals both within and without the FCA. The Applicant firm is able to make personal representations during such meetings. If this should ever occur, I would accompany you to the meeting. 01604 76 22 33 AT NO POINT ARE OUTCOMES GUARANTEED, AS ALL DECISIONS ARE AT THE DISCRETION OF THE FCA REGULATORY PERMISSIONS LIMITED - Companies House No.8194096, Registered in England & Wales