Financial Services and Markets Act 2000, section 55A

Application for permission

PART 4A Permission to carry on regulated activities

(1)An application for permission to carry on one or more regulated activities may be made to the appropriate regulator by—

(a)an individual,

(b)a body corporate,

(c)a partnership, or

(d)an unincorporated association.

(2) “The appropriate regulator”, in relation to an application under this section, means [F223 (subject to subsection (2B)) F223] —

(a)the PRA, in a case where—

(i)the regulated activities to which the application relates consist of or include a PRA-regulated activity, or

(ii)the applicant is a PRA-authorised person otherwise than by virtue of a Part 4A permission;

(b)the FCA, in any other case.

[F224 (2A)An application under this section for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 may not include an application for permission to carry on any other regulated activity.

(2B)The appropriate regulator, in relation to an application under this section for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, is the FCA.F224]

(3)An authorised person who has a permission under this Part which is in force may not apply for permission under this section.

F225 (4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) A permission given by the appropriate regulator under this Part or having effect as if so given is referred to in this Act as “a Part 4A permission”.

[F226 (6)References in this section to permission under this Part do not include references to permission under section 55NA.F226]

Read section 55A in the full Act → Definitions (10) Cases (3)

Definitions used in section 55A

regulated activity

“regulated activity” has the meaning given in section 22;

Defined in s.417(1) · see it in the full Act
appropriate regulator

(11) The FCA is the “appropriate regulator” in the case of a contravention of any other requirement , other than a case falling within paragraph 26 of Schedule 17A .

Defined in s.380(11) · see it in the full Act
body corporate

“body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;

Defined in s.417(1) · see it in the full Act
partnership

“partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom;

Defined in s.417(1) · see it in the full Act
the PRA

“the PRA” means the Prudential Regulation Authority;

Defined in s.417(1) · see it in the full Act
PRA-regulated activity

“PRA-regulated activity” has the meaning given in section 22A;

Defined in s.417(1) · see it in the full Act
PRA-authorised person

(5) In this Act “PRA-authorised person” means an authorised person who has permission—

(a)given under Part 4A, or

(b)resulting from any other provision of this Act,

Defined in s.2B(5) · see it in the full Act

“PRA-authorised person” has the meaning given in section 2B(5);

Defined in s.417(1) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act
Specified

(5) “Specified” means specified in an order made by the Treasury.

Defined in s.22(5) · see it in the full Act
authorised person

“authorised person” has the meaning given in section 31(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act

Cases considering section 55A (3)

EAK Group Ltd v The Financial Conduct Authority

[2025] UKUT 82 (TCC) · 10 March 2025

Applies the requirement that an application to carry on regulated activities must be made to the appropriate regulator. The applicant’s authorisation application was made to the FCA under this provision (see paras [5], [25]).

Ashraf Wealth Management Limited v The Financial Conduct Authority

[2024] UKUT 265 (TCC) · 2 September 2024

The Tribunal identifies section 55A as the statutory basis requiring an application to carry on regulated activities to be made to the appropriate regulator, here the Authority. (see para [5])

Przemyslaw Soszynski t/a Phenix Consultancy v The Financial Conduct Authority

[2022] UKUT 247 (TCC) · 13 September 2022

The provision supplied the statutory route for the applicant’s request for permission to carry on regulated claims management activities. The Tribunal assessed whether refusal of that application was reasonably open to the Authority (see paras [1]; [154]-[186]).

What each judgment says about section 55A is in the case-law panel in the full Act.

Amendments and notes

9 notes from legislation.gov.uk

Amendments

  1. F223Words in s. 55A(2) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(2)(a)
  2. F224S. 55A(2A)(2B) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(2)(b)
  3. F225S. 55A(4) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 5 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
  4. F226S. 55A(6) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 4 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)

Modifications

  1. C143S. 55A(3) excluded by S.I. 2011/2832, art. 5(3) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 220(a)(iii)
  2. C144S. 55A(3) modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(5)(b)
  3. C145S. 55A(3) modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(2)(b)
  4. C146S. 55A(3) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(6)(b)
  5. C147S. 55A(3) modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(3)