The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004

Applications for Part IV permission etc

2.—(1) This article applies where before commencement the Authority has received—

(i) any completed application for a Part IV permission; or

(ii) any completed application to vary a Part IV permission,

to the extent that the application relates to any general insurance mediation activity.

(2) Where an application to which this article applies has not been finally decided before commencement, the applicant is to be treated as having, at commencement, an interim permission to carry on the activity to which the application relates until the permission lapses in accordance with paragraph (3).

(3) Without prejudice to the exercise by the Authority of its powers under Part IV of the Act, an interim permission lapses on whichever is the earliest of the following dates—

(a) when the application has been finally decided;

(b) 14th January 2006.

(4) For the purposes of this article, an application has been finally decided—

(a) when the application is (with the consent of the Authority) withdrawn;

(b) when the Authority grants permission under section 42 of the Act to carry on the activity in question;

(c) where the Authority has refused an application and the matter is not referred to the Tribunal, on the date on which the right to refer the matter to the Tribunal expires;

(d) where the Authority has refused an application and the matter is referred to the Tribunal, when the reference is determined by the Tribunal.

(5) Where—

(a) the Authority has exercised its powers under section 53 of the Act in respect of the activities covered by a person’s interim permission; and

(b) the operation of paragraph (3) would result in there being no regulated activities for which that person has a Part IV permission,

the interim permission does not lapse but remains in force (as varied by the Authority under section 53) until it is cancelled by the Authority; and the Authority must cancel the interim permission once it is satisfied that it is no longer necessary to keep the interim permission in force.