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Chartered Insurance Institute
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Responsibilities of approved persons in FCA significant influence functions
- half day course
 

Overview

The FCA emphasises the importance of the role of executives in delivering good business conduct, regardless of whether a firm is dual regulated (PRA and FCA) or solely regulated by the FCA for both conduct and prudential activities.

Certain key roles - significant influence functions (SIFs) - require the holders to be authorised as approved persons by the FCA. They must be pre-approved and then behave in the role in accordance with individual conduct standards. Collectively, this contributes to effective governance.

This half day course will help an Approved Person in a SIF to understand what the FCA expects of you in what you must demonstrate and how you carry out your responsibilities. Exploring those obligations in the context of corporate governance will help you to apply them in business situations. 

Programme

  • The elements of good corporate governance that are at the heart of the approved persons regime
  • The controlled functions required in a firm by the FCA
  • High Level Standards, particularly the Threshold Conditions and the business model, and the importance the FCA attaches to them
  • The fitness and propriety tests, and the competence expected of an approved person
  • The standards approved persons should meet and how they apply
  • A brief review of expected regulatory awareness (e.g. conduct risk, financial crime, current supervisory thematics)
  • Maintaining approval: know what information must be notified to the FCA: fitness and propriety
  • Documentation: demonstrating effective governance.

Learning outcomes

At the end of the course you will be able to:

  • Explain what the FCA expects of you in terms of the way you carry out your responsibilities
  • Describe the fit and proper requirements that must be satisfied, particularly competence
  • Interpret the conduct standards of the Principles for Approved Persons in business situations, and  what would constitute a breach of those principles
  • Examine the way in which systems and controls are allocated and overseen
  • Review your allocation of controlled functions
  • Revise the 'hot topics' that the FCA would expect an approved person in a SIF to be familiar with 
  • Identify the process to keep documents which support the governance of the company up to date (and often discovering they are not!).

Who should attend?

The course will benefit existing or potential FCA approved persons within insurance companies, e.g. board directors not occupying a Senior Insurance Management Functions, in addition to executives in sole FCA regulated firms, compliance officers, risk managers and company secretaries.

CPD hours

Attendance of this course awards up to 3 CPD hours where you consider it relevant to your professional development needs.

Book online

Sold out!

Scheduled dates for this course have now sold out, please keep checking the website for updates to availability. Dates are added subject to demand and can also be run in-house for corporate clients.