Commentary

86 Approval by Financial Services Authority

BUILDING SOCIETIES vol 6(1)
| Commentary

86 Approval by Financial Services Authority

| Commentary

86 Approval by Financial Services Authority

All (executive and non-executive) directors and senior management who perform controlled functions1 in relation to the carrying on of a regulated activity2 by a building society are required to be approved by the Financial Services Authority (FSA)3. The FSA may only approve a person if it is satisfied that they are a fit and proper person to perform the function in respect of which approval is sought4. All approved persons must comply with the Statements of Principle and Code of Practice for Approved Persons5.

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