32. Variation by the Regulator at the request of an Authorised Person

(1) The Regulator may, on the application of the Authorised Person, vary its Financial Services Permission by —
(a) adding a Regulated Activity to those to which the Financial Services Permission relates;
(b) removing a Regulated Activity from those to which the Financial Services Permission relates; or
(c) varying the description of a Regulated Activity to which the Financial Services Permission relates.
(2) The Regulator may, on the application of the Authorised Person, cancel its Financial Services Permission.
(3) The Regulator may refuse an application under this section if it appears to it that it is desirable to do so in order to further one or more of its objectives.
(4) If, as a result of a variation of a Financial Services Permission under this section, there are no longer any Regulated Activities for which the Authorised Person concerned has a Financial Services Permission, the Regulator must, once it is satisfied that it is no longer necessary to keep the Financial Services Permission in force, cancel it.
(5) The Regulator's power to vary a Financial Services Permission under this section extends to including in the Financial Services Permission as varied any provision that could be included if a fresh Financial Services Permission were being given by it in response to an Application under section 27.