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To alter a firm’s permission profile the relatively new FCA Connect system needs to be used. This has worked well until a month or so ago when any variation submitted for a firm that had ‘dealing as principal’ in their profile, whether qualified by a limitation or not, threw up the following message:
‘Dealing in investments as principal’ can only be selected if the regulated activity ‘Entering into a regulated mortgage contract as lender’ is also selected.
This happened whether the firm was involved in mortgages or not. The standard FCA response from their help line was ‘send in a screen shot’. They must have had quite a few dozen of these by now. Their latest answer is the FCA Connect ‘glitch’ will definitely be fixed by Thursday – so try again on Friday morning. We have had several assurances from the FCA that this would be fixed/is now fine, so we await with baited breath. Apparently the software update for the Connect system are outsourced. I would hope that they have applied the same requirements to their outsourcers, which are surely key outsourcers, as they make regulated firms apply to theirs. Fingers crossed for Friday.