Change of Business Models
Under Section 68(1) of the Financial Services Act 2019 (the Act), the GFSC may, on the application of a Regulated Firm, vary the firm’s permission under Part 7 by varying the description of a regulated activity to which the permission relates.
Any Regulated Firm that has permissions under Part 7 of the Financial Services Act 2019 (the Act) that makes any change to their business model must notify the GFSC within 20 (working) days of the change.
The Regulated Firm must provide us with the details of the change and the following documents and information:
- Regulated Individual Form for any new individuals who will be notifiable within the business ;
- Mapping assessment of how the application meets the relevant legislative threshold requirements;
- Revised Business Plan;
- Revised Financial Projections; and
- Any related policies or procedures that are key to the implementation of the proposed change in business plan.
*Please note that additional documents may be required depending on the sector.
Please submit this documentation via E-mail to firstname.lastname@example.org with the following information in the subject field: ‘Name of Regulated Firm – Change of Business Model’. Paper copies are not required unless indicated by the Authorisation team.
Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm’s domain.
We may request a meeting to discuss the change as part of our assessment criteria. Please note that, at this stage, we will not be able to provide advice and will not be able to make business assessments.
There will be a fee subject to the change in business model. We will liaise directly with the Regulated Firm on fees.