News Details

20 Jan, 2009

Changes to Approved Persons Regime

The FSA has published details of their plans to "beef up" their oversight or Regulated Firms. Particular emphasis is being placed upon the competence of firms’ management and the significant influence controlled functions.  

These proposals are contained in the FSA Consultation paper CP08/25: The approved persons regime - significant influence function review.

FSA proposes to:

  • Extend the definition of the existing CF1 (director) and CF2 (non-executive director) controlled functions to include individuals exercising significant influence on a regulated firm from a parent undertaking or holding company unregulated by FSA or an EU financial services regulator.
  • Clarify the role of non-executive directors;
  • Extend the definition of the CF29 controlled function to include all proprietary traders. 
  • Amend the application of the approved persons regime to UK branches of third country firms so that all the controlled functions may apply. 
  • Extend the rule obliging firms to provide references to all controlled functions.

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