(1) Part 4A of the 2000 Act [Part 4A is inserted by section 11(2) of the Financial Services Act 2012 (c. 21).] (permission to carry on regulated activities) is modified as follows.

(2) Section 55A (application for permission) has effect as if -

(a) in subsection (2), after "subsection (2B)" there were inserted "and to a direction of the PRA or the FCA given with the consent of the other";

(b) in subsection (3), after "is in force" there were inserted ", other than a person who is treated as having such a permission by virtue of regulation 8 of the 2018 Regulations,".

(3) Section 55H (variation by FCA at request of authorised person) has effect as if, after subsection (7), there were inserted -

"(8) Where a person makes an application to vary the permission that the person is treated as having by virtue of regulation 8 of the 2018 Regulations, the FCA may, if it considers it appropriate to do so, treat the application as an application for permission under section 55A."