Navigating Variation of Permissions (VOP) with MEMA Consultants

This presentation provides an overview of the Variation of Permission (VOP) process, which is essential for businesses looking to expand or modify their FCA-regulated activities. It explains when and why a VOP is needed, the steps involved in the application process, and the potential impacts on your business. Additionally, it highlights how MEMA Consultants, with their extensive experience in FCA compliance, can support you through the VOP application and ensure ongoing regulatory compliance.

1. Introduction to Variation of Permissions (VOP)
Definition: A Variation of Permission (VOP) is an application to the FCA
to request changes to existing regulatory permissions.
Purpose: Necessary when introducing new business lines, regulated
activities, products, or client types.
Importance: Ensures your firm complies with regulatory requirements
for new activities.

2. When and Why to Apply for VOP
New Business Lines: Expanding into new areas that require different
FCA permissions.
Regulated Activities: Adding or removing regulated activities from
your firm’s offerings.
Client or Product Changes: Introducing new products or client types
that are not covered under current permissions.

3. The VOP Application Process
Update Regulatory Business Plan to reflect changes.
Submit updated compliance documents.
Ensure all regulatory requirements are met before starting new
activities.
FCA Approval: You cannot start the new activities until the FCA
approves your VOP application.

4. Impact of VOP on Your Business
Compliance Requirements: May need new compliance
documentation.
Changes to Firm Structure: Could affect your firm’s Senior
Managers and Certification Regime (SM&CR) status.
Financial Considerations: Potential changes in fees, financial
categories, and reporting requirements.

5. How MEMA Consultants Can Help
Experience: Supporting firms with FCA compliance since 2019.
Expert Support: Assistance with VOP applications, drafting
business plans, and providing compliance documents.
Ongoing Support: Continual advice and compliance support even
after successful VOP.

6. CONTACT US
[email protected]
03301330811

Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn, EC1N 8DX
https://www.memaconsultants.com/

7. Thank you