FCA Revokes French bank’s Temporary Permissions
Lyonnaise de Banque had its temporary permissions revoked in December for failure to submit
their application for full UK authorisation via the ‘landing slot’ in a timely manner.
Before Brexit, financial firms based in another member state were permitted to trade in the UK,
without being directly authorised by the FCA, through the Passport route. Following the UK’s
withdrawal from the EU the TPR (Temporary Permissions Regime) was put in place for firms to
continue to operate in the UK while they applied for full FCA authorisation.
At the beginning of 2022, the FCA communicated to firms in the TPR, stating that authorisation
applications should be submitted after receiving a ‘landing slot’ by 31st December 2022 and that
failure to apply meant the firm could voluntarily cancel their temporary permissions or the FCA
could take action to do so if this does not happen. Lyonnaise de Banque is not permitted to
conduct regulated activity in the UK.