The Financial Conduct Authority is looking to introduce a ‘use it or lose it’ permissions regime in a bid to stop dubious firms using the regulator's authorisation as a fig leaf to draw clients in.
In a 4 June consultation paper, the FCA confirmed plans to update its rulebook to give it the power to cancel or vary a firm's authorisation to conduct a given activity if they have not earned income from that business over the previous 12 months.
