FCA Warn of 'Tough, Assertive Approach’ to Brexit TPR Landing Slot Authorisations


Martin Lovick

Publish Date


Compliance Alert

  • Brexit
  • Compliance

The FCA recently warned that it will be take a "taking a tough, assertive approach to those firms that want to continue to operate in the UK continue to meet our standards."  

This caution was issued to firms operating under the FCA’s Temporary Permissions Regime (TPR) during a talk by Executive Director for Markets, Sarah Pritchard, at the regulator's annual public meeting on 28 September 2021. 

In the run-up to the UK leaving the European Union, the FCA introduced TPRs to European Economic Area (EEA) based financial services firms that had previously been allowed to offer their investment services in the UK under the passporting regime, without the need for FCA authorisation.   

These firms are now being contacted about their Brexit landing slots, sometimes at very short notice. The first landing slots were issued in July 2021 and the subsequent five slots run each quarter thereafter. The FCA has indicated all firms will receive their landing slots by the end of 2022.  

Pritchard warned “We have landing slots that are open in various different phases for firms that are applying for UK authorisation and where firms either don't meet our standards or no longer wish to continue to have the UK regulated, we will be taking steps to remove their permissions”.  

In short, this means firms that miss their landing slot or do not complete their application correctly do not just go to the back of the authorisations queue, they are actually prevented from initiating further regulated activity in the UK. 

Our guidance 

Anyone expecting TPR authorisations to be expedited in some way, a sort of authorisation-lite process if you like, will be disappointed. EEA based firms who may have been passporting their services into the UK for years are effectively back to square one in terms of proving that they meet the necessary standards. 

It’s vital that you start planning now as putting together a good FCA application is not straightforward and likely to take longer than the three-month window.


If you have questions for us on any of the topics highlighted here and how we can help you, please contact our Brexit Implementation Team to request a meeting. 

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Additional resources 

  • Frequently asked questions: providing essential guidance for firms wishing to move to full authorisation subject to being invited by the FCA and to navigate this challenge within the tight timeframe. Download now 

  • On-demand webcast: outlining the TPR/landing slot process, key elements of a successful application, Will the FCA favour applications from subsidiaries over branches, and how the UK’s regulatory regime differs from EEA jurisdictions.  Listen on-demand now  

How we help 

We offer a comprehensive FCA Authorisation and Support for EEA Firms package, which helps firms to meet their requirements. It includes 

  • Authorisation project management 

  • Implementation of compliance framework including monitoring programme 

  • Training of senior management and staff 

  • Ongoing regulatory support and advice on unlimited basis 

  • Drafting of regulatory returns and FCA notifications 

  • Twice-yearly reviews of compliance programme 

In addition, we have a wide range of Brexit solutions designed to help global firms find solutions to overcome their Brexit challenges and continue to access the UK and EU markets. 

These include: 

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