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Section 63ZB: Variation of senior manager's approval on initiative of regulator

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part V: Performance of Regulated Activities

The FCA may vary an approval under section 59 given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by an authorised person if the FCA considers that it is desirable to do so in order to advance one or more of its operational objectives.

The PRA may vary an approval under section 59 for the performance of a designated senior management function in relation to the carrying on of a regulated activity by an authorised person if—

either—
the PRA gave the approval, or
the FCA gave the approval and the ... authorised person is a PRA-authorised person, and
the PRA considers that it is desirable to do so in order to advance any of its objectives.

A regulator may vary an approval by—

imposing a condition,
varying a condition,
removing a condition, ...
where the approval has effect for an unlimited period, limiting the period for which the approval is to have effect , or
where the approval has effect for a limited period, varying that period or removing the limit on the period for which the approval is to have effect.

Before one regulator varies an approval given by the other regulator, it must consult the other regulator.

Before one regulator varies an approval which was last varied by the other regulator, it must consult the other regulator.

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About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.