Navigating Variation of Permissions (VOP) with MEMA Consultants

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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.

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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 firms offerings.
• Client or Product Changes Introducing new
  products or client types that are not covered
  under current permissions.

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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
  firms Senior Managers and Certification Regime
  (SMCR) 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.

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CONTACT US



contact_at_memaconsultants.com
03301330811



Suite 1810, Unit 3a,34-35 Hatton Gardens,
Holborn, EC1N 8DX

https//www.memaconsultants.com/


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