{"component": "definition", "props": {"groups": [{"samples": [{"hash": "cyK31n5hXnr", "uri": "https://www.fca.org.uk/publication/decision-notices/toni-fox-2023.pdf", "label": "www.fca.org.uk", "score": 10.8542098999, "published": false}, {"hash": "5Br0ztwkl3c", "uri": "https://www.fca.org.uk/publication/decision-notices/david-brian-price-2023.pdf", "label": "www.fca.org.uk", "score": 10.8501024246, "published": false}], "snippet": "means a voluntary requirement which is imposed by the Authority on a firm following an application by the firm under section 55L(5) of the Act; and", "snippet_links": [{"key": "by-the-authority", "type": "clause", "offset": [47, 63]}, {"key": "the-firm", "type": "clause", "offset": [102, 110]}, {"key": "the-act", "type": "clause", "offset": [135, 142]}], "size": 2, "hash": "51c05da68eb78cf28bf3341921261e9f", "id": 1}, {"samples": [{"hash": "i3APhibyD2J", "uri": "https://www.fca.org.uk/publication/decision-notices/wage-payment-payday-loans-limited.pdf", "label": "www.fca.org.uk", "score": 6.3880901337, "published": false}, {"hash": "gONSZcrVgTh", "uri": "https://www.fca.org.uk/publication/final-notices/wage-payment-payday-loans-limited-2016.pdf", "label": "www.fca.org.uk", "score": 6.386721611, "published": false}], "snippet": "means the requirements imposed upon WPPL by the Authority on 28 August 2014 following WPPL\u2019s voluntary application for their imposition, and which are set out in paragraph 4.4;", "snippet_links": [{"key": "the-requirements", "type": "clause", "offset": [6, 22]}, {"key": "by-the-authority", "type": "clause", "offset": [41, 57]}, {"key": "set-out", "type": "definition", "offset": [151, 158]}], "size": 2, "hash": "e29b4b829abe1a826d7bf4db67d9973b", "id": 2}, {"samples": [{"hash": "7wzChlZ9EXY", "uri": "https://www.fca.org.uk/publication/decision-notices/andrew-barry-hart.pdf", "label": "www.fca.org.uk", "score": 6.3880901337, "published": false}, {"hash": "eZ9bJOXSBlz", "uri": "https://www.fca.org.uk/publication/final-notices/andrew-barry-hart-2016.pdf", "label": "www.fca.org.uk", "score": 6.386721611, "published": false}], "snippet": "means the requirements imposed upon WPPL by the Authority on 28 August 2014 following WPPL\u2019s voluntary application for their imposition, and which are summarised in paragraph 4.8; and", "snippet_links": [{"key": "the-requirements", "type": "clause", "offset": [6, 22]}, {"key": "by-the-authority", "type": "clause", "offset": [41, 57]}], "size": 2, "hash": "87136da0a0663a25779f24df0ec5ba17", "id": 3}, {"samples": [{"hash": "lMCXA9xdgZg", "uri": "https://www.fca.org.uk/publication/final-notices/ron-treherne-ifa-ltd.pdf", "label": "www.fca.org.uk", "score": 8.697467804, "published": false}], "snippet": "means the Voluntary Application for an Imposition of Requirement dated 13 June 2019; and", "snippet_links": [{"key": "the-voluntary", "type": "clause", "offset": [6, 19]}, {"key": "june-2019", "type": "clause", "offset": [74, 83]}], "size": 1, "hash": "a27e48882562cafc77a6f128e893e7c5", "id": 4}, {"samples": [{"hash": "3BLOP1WAFWN", "uri": "https://www.fca.org.uk/publication/final-notices/monzo-bank-limited.pdf", "label": "www.fca.org.uk", "score": 18.527721405, "published": false}], "snippet": "means the requirements (as modified) which the Authority imposed on Monzo\u2019s permissions under section 55L(5)(a) of the Act from 5 August 2020 until 26 February 2025; and", "snippet_links": [{"key": "the-requirements", "type": "clause", "offset": [6, 22]}, {"key": "the-authority", "type": "clause", "offset": [43, 56]}, {"key": "the-act", "type": "clause", "offset": [115, 122]}, {"key": "august-2020", "type": "clause", "offset": [130, 141]}], "size": 1, "hash": "2ad43cce0dc3f6bcc4da1a1012e013ad", "id": 5}, {"samples": [{"hash": "3OMUp3kMQd4", "uri": "https://www.fca.org.uk/publication/supervisory-notices/second-supervisory-notice-dac-pensions-limited.pdf", "label": "www.fca.org.uk", "score": 9.6967830658, "published": false}], "snippet": "means voluntary requirement agreed between the Authority and a firm; and", "snippet_links": [{"key": "authority-and", "type": "clause", "offset": [47, 60]}], "size": 1, "hash": "ba27e7a95b5cbc7d92f689471e8d59e4", "id": 6}, {"samples": [{"hash": "fzMNdf1c6iV", "uri": "https://www.fca.org.uk/publication/final-notices/philip-pryke-2024.pdf", "label": "www.fca.org.uk", "score": 17.6769199371, "published": false}], "snippet": "means an application by a person to the Authority under section 55L(1) of the Act for the imposition of requirements by the Authority; and", "snippet_links": [{"key": "a-person", "type": "definition", "offset": [24, 32]}, {"key": "to-the-authority", "type": "clause", "offset": [33, 49]}, {"key": "the-act", "type": "clause", "offset": [74, 81]}, {"key": "imposition-of-requirements", "type": "clause", "offset": [90, 116]}, {"key": "by-the-authority", "type": "clause", "offset": [117, 133]}], "size": 1, "hash": "9333a93e427ecf63380326aaab30ba85", "id": 7}, {"samples": [{"hash": "9FeapXhnqHB", "uri": "https://www.fca.org.uk/publication/supervisory-notices/first-supervisory-notice-city-merchant-limited-2024.pdf", "label": "www.fca.org.uk", "score": 17.6809272766, "published": false}], "snippet": "means the application by the Firm to the Authority for the imposition of certain requirements to apply to its Part 4A permission. The Firm signed a VREQ on 22 January 2024, which took effect on 23 January 2024.", "snippet_links": [{"key": "the-application", "type": "clause", "offset": [6, 21]}, {"key": "the-firm", "type": "clause", "offset": [25, 33]}, {"key": "to-the-authority", "type": "clause", "offset": [34, 50]}, {"key": "certain-requirements", "type": "clause", "offset": [73, 93]}, {"key": "to-apply", "type": "clause", "offset": [94, 102]}, {"key": "part-4a-permission", "type": "definition", "offset": [110, 128]}], "size": 1, "hash": "0aa75bd9020e54ae96fbd7df35412b62", "id": 8}, {"samples": [{"hash": "2XiLLFDmQTm", "uri": "https://www.fca.org.uk/publication/final-notices/paul-steel-2023.pdf", "label": "www.fca.org.uk", "score": 9.7529087067, "published": false}], "snippet": "means Voluntary Requirement. Where a firm is not meeting minimum standards or has for example inadequate systems and controls the Authority may invite the firm to sign a voluntary requirement not to accept new business until the identified issue(s) have been resolved. This is to prevent any potential or further harm to the client or the market.", "snippet_links": [{"key": "minimum-standards", "type": "definition", "offset": [57, 74]}, {"key": "for-example", "type": "definition", "offset": [82, 93]}, {"key": "systems-and-controls", "type": "clause", "offset": [105, 125]}, {"key": "the-authority-may", "type": "clause", "offset": [126, 143]}, {"key": "the-firm", "type": "clause", "offset": [151, 159]}, {"key": "new-business", "type": "definition", "offset": [206, 218]}, {"key": "to-the-client", "type": "clause", "offset": [318, 331]}, {"key": "the-market", "type": "definition", "offset": [335, 345]}], "size": 1, "hash": "4117e2f104df9c49d563cb53285254e2", "id": 9}, {"samples": [{"hash": "4lOdHKhoBGO", "uri": "https://www.fca.org.uk/publication/final-notices/cb-payments-limited-2024.pdf", "label": "www.fca.org.uk", "score": 17.1245822906, "published": false}], "snippet": "or \u201cVoluntary Requirement\u201d means, for the purposes of this Notice, a requirement on a firm\u2019s authorisation which may restrict or limits its business in some way, upon the application of that firm to the Authority: (i) pursuant to Regulation 8 of the EMRs with respect to firms authorised under the EMRs, such as AEMIs; and (ii) pursuant to section 55L(5) of the Act with respect to firms authorised under Part 4A of the Act;", "snippet_links": [{"key": "for-the-purposes-of", "type": "clause", "offset": [34, 53]}, {"key": "application-of", "type": "clause", "offset": [171, 185]}, {"key": "to-the-authority", "type": "clause", "offset": [196, 212]}, {"key": "pursuant-to-regulation", "type": "clause", "offset": [218, 240]}, {"key": "with-respect-to", "type": "clause", "offset": [255, 270]}, {"key": "pursuant-to-section", "type": "clause", "offset": [328, 347]}, {"key": "the-act", "type": "clause", "offset": [358, 365]}], "size": 1, "hash": "0a7611121551bde26467bfbb507d36f6", "id": 10}], "next_curs": "ClESS2oVc35sYXdpbnNpZGVyY29udHJhY3Rzci0LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiINdnJlcSMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"snippet": "means a voluntary requirement which is imposed by the Authority on a firm following an application by the firm under section 55L(5) of the Act; and", "title": "VREQ", "size": 17, "id": "vreq", "examples": ["Morses Club will retain the balance of any Unclaimed Sum after application against the Scheme Costs for a period of six years during which Scheme Creditors may contact Morses Club requesting any Scheme Creditor Payments, <strong>VREQ</strong> Refund Payments and/or Scheme Refund Payments to which they are entitled but which have not been paid to that Scheme Creditor following three failed payment attempts pursuant to this Clause 4."], "related": [["sabs-0400", "SABS 0400", "SABS 0400"], ["glider", "glider", "glider"], ["panchayat", "Panchayat", "Panchayat"], ["tabarru", "Tabarru", "Tabarru"], ["lhsia", "LHSIA", "LHSIA"]], "related_snippets": [], "updated": "2025-07-15T00:51:33+00:00"}, "json": true, "cursor": ""}}