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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2018 - onwards
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Regulation 12 Variation of authorisation on FCA's own initiative

(1) The FCA may vary a person's authorisation in any of the ways mentioned in regulation 8 if it appears to the FCA that -

(a) the person no longer meets, or is unlikely to continue to meet, any of the conditions set out in regulation 6(4) to (9) (conditions for authorisation) or, if applicable, the requirement in regulation 22(1) (capital requirements) to maintain own funds, or does not inform the FCA of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37 (duty to notify change in circumstance);

(b) the person has provided a particular payment service or payment services other than in accordance with the authorisation granted to it;

(c) the person would constitute a threat to the stability of, or trust in, a payment system by continuing to provide a particular payment service or payment services;

(d) the variation is desirable in order to protect the interests of consumers; or

(e) the person's provision of

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