30. Granting a Financial Services Permission

(1) This section applies in relation to an Application for a Financial Services Permission under section 27.
(2) The Regulator may grant a Financial Services Permission for the Applicant to carry on the Regulated Activity or Regulated Activities to which the Application relates or such of them as may be specified in the Financial Services Permission.
(3) If it grants a Financial Services Permission, the Regulator must specify the permitted Regulated Activity or Regulated Activities, described in such manner as the Regulator considers appropriate.
(4) The Regulator may —
(a) incorporate in the description of a Regulated Activity such limitations and stipulations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
(b) specify a narrower or wider description of Regulated Activity than that to which the Application relates; or
(c) grant a Financial Services Permission for the carrying on of a Regulated Activity which is not included among those to which the Application relates.
(5) If a Partnership has a Financial Services Permission —
(a) it has the relevant Financial Services Permission to carry on the Regulated Activities concerned in the name of the firm; and
(b) its Financial Services Permission is not affected by any change in its membership.
(6) If an Authorised Person which is a firm is dissolved, its Financial Services Permission continues to have effect in relation to any individual or firm which succeeds to the business of the dissolved firm.
(7) For the purposes of this section, an individual or Partnership is to be regarded as succeeding to the business of a dissolved Partnership only if succession is to the whole or substantially the whole of the business of the former Partnership.