Waivers and modifications

Waivers and modifications are variations to Handbook rules that firms can choose to apply for:

• a waiver means your firm doesn't have to comply with a rule
• a modification allows your firm to comply with a rule amended to fit your circumstances

Usually we individually assess all applications to waive or modify Handbook rules. See our page on how to apply – including whether you need to apply to us or the Prudential Regulation Authority (PRA).

In some cases we decide to make a modification available to a selection of firms − these are known as modifications by consent.

Published waivers, modifications and permissions

When we grant any of the following, we usually publish it in full:

• waivers
• modifications
• MIFIDPRU permissions
• Capital Requirements Regulation (CRR) permissions

We may publish one in abridged form – generally to protect the commercial interests of the firm concerned. And a small number of waivers, modifications and permissions remain unpublished (for example, because they’re market sensitive).

Download the list of waivers, modifications and permissions we've granted (XLSX)

If your firm objects to us publishing a waiver, modification or permission

We withhold publication very rarely, but we'll give you the opportunity to withdraw your application before we grant the waiver, modification or permission.

If we decide to withhold:

• a waiver
• a modification
• a permission, or
• the identity of your firm

from being published, this will usually only last for the duration of the relevant grounds that your firm makes for it to be unpublished.

If we decide to publish a waiver, modification or permission that has previously been withheld, we'll let your firm know in advance in case you want to object.

When we publish a waiver, modification or permission

Usually we update the Financial Services Register with the firm's relevant direction or permission.

This doesn't happen with a modification by consent which is available to solo-regulated firms using temporary arrangements. Here, the list of firms that have been granted the modification appears on the relevant modification by consent page rather than on the FS Register.

IFPR

The Investment Firm Prudential Regime (IFPR) impacts UK investment firms authorised by us. The regime came into force on 1 January 2022.

In summary:

• most waivers and modifications to prudential rules that were in our Handbook before 1 January 2022 no longer apply
• the majority of CRR permissions no longer apply to FCA investment firms
• the new rules contain transitional provisions that give some existing waivers and permissions status under the new regime − your firm should consider the transitional provisions in the IFPR rules for more details
• you'll need to consider applying for permissions, or rule waivers and modifications, of rules in the new sourcebook (MIFIDPRU)

If your firm is part of the MIFIDPRU regime, find out how to submit a MIFIDPRU application or notification, and get information about MIF returns.

Renewals or extensions

To renew or extend an existing waiver, you'll need to:

• submit a new application through our online system Connect
• explain again how your request meets our statutory test

Access to cash waivers and modifications

For any waiver or modification requests relating to the access to cash rules, please download the application form and email it to the waivers team at [email protected]. 

Please note for access to cash waiver or modification requests, section 4.2(c) of the application form is not relevant, as this legal requirement does not apply to access to cash waivers and modifications. Also, please state if you do not think section 4.3 of the application form is relevant to your application.

Applicants should contact their supervisors in the first instance before submitting a waiver or modification to the waivers team.

We have a legal duty to publish all access to cash waivers and modifications unless it is inappropriate or unnecessary to do so. We publish a list of the access to cash waivers modifications, once the applications have been approved.