UK Temporary Permissions Regime – FCA Connect System
Fri Apr 5 2019
It has come to our attention that the FCA Connect System that brokers must use to notify the FCA if they wish to continue to passport into the UK, is currently having some technical issues.
Brokers should have received a ‘login’ email from the FCA after they notified them that they wish to be registered to continue to passport into the UK. If brokers did not receive the email, they should contact the FCA.
Alternatively, it has been suggested that brokers could login to Connect with the email they registered with initially. They should select ‘Forgot your Password’ and re-register by completing Temporary Permission Notification Form.
The notification period under the Temporary Permission Regime (TPR) will close on 11 April.
Orderly Run-Off Regime – Financial Service Contracts Regime (FSCR)
Meanwhile, if brokers are currently passporting into the UK, and do not apply for the TPR, they will automatically fall into the Financial Service Contracts Regime (FSCR). This was introduced by the UK Government to ensure existing contractual obligations not covered by the TPR can continue to be met.
The FSCR will permit brokers to service their UK contracts entered into pre-Brexit so that they can run-off their UK business in an orderly fashion. It is important to note that no new business or renewals can be written under the FSCR regime.