Variations of Permission/Change in Control

A change to a regulated firm’s business strategy may necessitate an application for a Variation of Permission (VoP) and all that entails. It may simply require a revision or restructuring of a firm’s internal systems and controls.

Depending on the proposed changes, a VoP can be either straightforward or as comprehensive as a new application. Either way, the actual production and submission to the FCA is likely to be the end result of a considerable amount of strategic thought and planning. This potentially includes changing prudential category, fee blocks, new controlled function staff appointments and almost certainly new processes. It may also include Significant Influence Interviews (SIF’s) and we have prepared a number of people for these types of interviews.

A Change in Control application can be either similarly straightforward or complex – ranging from the allocation of new/existing shares to an additional shareholder through a group restructure to a new shareholder joining after the acquisition of the firm by another entity. We are experienced in managing these activities, including the provision of pre-acquisition compliance due diligence services at your request. Our experience shows that this can potentially save an acquirer significant post-acquisition costs.

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