How much does a Variation of Permission cost and how long does it take to get an approval?
A VoP for new regulated activities is normally half of the price of a new authorisation for the same activities, e.g. when applying for new activities for which the FCA authorisation fee is £5,000, the FCA VoP application would cost £2,500. If the VoP does not move the firm into a new fee block, the FCA filing fee will be £250. If the firm is seeking to reduce the regulated activities, the FCA filing fee will be free.
The duration of the VoP application is entirely dependent on the FCA and the firm that is supplying information to the FCA. It can take anywhere between 2 – 12 months. If the application is deemed incomplete the FCA has a statutory right to push the deadline further until a complete application has been provided. This is true for all applications made to the FCA.
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