Commentary

36 Approval of persons performing controlled functions

BUILDING SOCIETIES vol 6(1)
| Commentary

36 Approval of persons performing controlled functions

| Commentary

36 Approval of persons performing controlled functions1

In addition to a building society itself requiring Part IV permission to raise money from members, or accept deposits of money, the (executive and non-executive) directors and senior management who organise or have responsibility for the performance of those activities by the building society are also required to be approved by the Financial Services Authority (FSA) under the Financial Services and Markets Act 2000 Section 59. To complement the regulation of firms under Part IV of the Financial Services and Markets Act 2000, Part V of the Act (Performance of Regulated Activities) requires

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