Q&As

As a relevant authorised person (a regulated firm), when do you have to make a notification to the FCA regarding the conduct of approved persons?

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Published on LexisPSL on 18/05/2016

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • As a relevant authorised person (a regulated firm), when do you have to make a notification to the FCA regarding the conduct of approved persons?

For the purposes of this Q&A we have assumed that disciplinary action has been carried out and we have focussed on when notifications are required. The information provided in this Q&A should be read alongside the terms of the consultancy agreement.

See the following provisions of the Financial Services and Markets Act 2000 (FSMA 2000).

For the purposes of action by the Financial Conduct Authority (FCA) under its disciplinary powers, a person is guilty of misconduct if any of conditions A to C is met in relation to the person:

  1. Condition A is that the person has at any time failed to comply with the rules of conduct made by the FCA and at that time the person was an approved person or an employee of a relevant authorised person.

  2. Condition B is that: (i) the person has at any time been knowingly concerned in a contravention of a relevant requirement by an authorised person; and (ii) at that time the person was an approved person in relation to the authorised person or, in the case

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