Use It Or Lose It: The UK Temporary Permission (Passport) Regime

The UK's Financial Conduct Authority has told firms based elsewhere in the European Economic Area who rely on a 'passport' to offer their financial services in the UK to notify the FCA if they intend to use the UK "temporary permissions regime" (TPR). The Prudential Regulatory Authority has issued a similar direction to the banks and other firms it regulates.

Notifications to the FCA must be made by submitting the Temporary Permission Notification Form containing the necessary information via the FCA's "Connect" system between 7 January and 28 March 2019.

Firms that have not submitted a notification during that period will not be able to use the TPR.

The FCA told Parliament in 2016 that there are 8,008 EEA firms holding 23,532 passports covering their UK financial services offerings.