Responsibilities of approved persons in FCA significant
- half day course
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.
- 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
- The fitness and propriety tests, and the competence expected of
an approved person
- The standards approved persons should meet and how they
- 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.
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
- 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
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.
Attendance of this course awards up to 3 CPD
hours where you consider it relevant to your
professional development needs.
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