Date of publication: November 2018
An approved person is an individual who has been approved by the FCA to perform one or more ‘controlled functions’ on behalf of an authorised firm.
A controlled function refers to certain roles performed within an authorised firm which have a particular significance.
Examples of controlled functions are:
FCA approval to perform a controlled function brings with it a number of important responsibilities, including a duty to be aware of and comply with FCA regulatory requirements and expectations. Specifically, approved persons must:
These Statements of Principle describe the conduct that the FCA requires and expects of the individuals it approves. http://fshandbook.info/FS/html/handbook/APER/2
All approved persons need to be familiar with the FCA’s Fit and Proper test, the Statements of Principle and the Code of Practice and understand how they apply to the day to day exercise of controlled functions.
Non-compliance with these regulatory requirements may result in the FCA taking enforcement action against the approved person.
Disclaimer: This note does not contain a full statement of the law and it does not constitute legal advice. Please seek legal advice if you have any questions about the information set out above.
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