10.—(1) In section 55R (persons connected with an applicant)(1), in subsection (2)(a)(2), after “insurance”, insert “, ancillary insurance”.
(2) In section 55V (determination of applications), after subsection (8)(3), insert—
“(9) In the case of an application which—
(a)is for a Part 4A permission or a variation of a Part 4A permission, and
(b)relates only to the undertaking of insurance distribution activity,
subsection (1) has effect as if the reference to “6 months” were to “3 months”.
(10) In this section, “insurance distribution activity” has the meaning given in article 92 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.
Part 4A (sections 55A to 55Z4) was inserted by section 11 of the Financial Services Act 2012.
Subsection (2)(a) was amended by S.I. 2017/701.
Subsection (8) was inserted by S.I. 2013/1773 and amended by S.I. 2013/1797.