APR for appointed representatives—applications to perform CFs, notifications, and withdrawal of approval
Published by a LexisPSL Financial Services expert
Last updated on 06/01/2022

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • APR for appointed representatives—applications to perform CFs, notifications, and withdrawal of approval
  • Overview of the approval process for individuals performing CFs at appointed representatives
  • When to apply for approval and the consequences of performing a CF without approval
  • Temporary absences—the 12-week rule for SIFs
  • Performing a CF without approval
  • Preparing to apply for approval
  • Ensuring the candidate is fit and proper
  • Who should submit the application for approval?
  • The application form
  • Short Form A
  • More...

APR for appointed representatives—applications to perform CFs, notifications, and withdrawal of approval

This Practice Note considers aspects of the Approved Persons Regime (APR), set out in FSMA 2000, Part V, and SUP 10A in the FCA’s Handbook, which applies to appointed representatives (ARs) of Senior Manager & Certification Regime (SM&CR) firms (defined in the decision tree in SYSC 23 Annex 1). It considers the relevant procedures related to FCA-approved persons in ARs, including applications for FCA approval to perform a controlled function (CF), notifications of changes, and relevant APR forms.

For further information on the APR for appointed representatives, including details of APR CFs for ARs, see Practice Note: APR for appointed representatives—controlled functions.

For further Lexis®PSL resource relating to appointed representatives, see: Appointed representatives and tied agents—overview.

Overview of the approval process for individuals performing CFs at appointed representatives

Under FSMA 2000, s 59, the authorised firm (responsible for the actions of an AR—otherwise known as a principle), not the AR, nor the relevant individual, is required to ensure that an individual seeking to perform a CF as the AR, is granted the FCA’s approval before taking up their position. The principle firm is therefore the applicant in the FCA approval process, and the relevant individual is referred to as the candidate; if and once approved, the candidate is referred to as an FCA-approved person.

Both the firm and the

Related documents:
Key definition:
FSMA 2000 definition
What does FSMA 2000 mean?

The Financial Services and Markets Act 2000.

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