Financial Conduct Authority—applications for approval
Financial Conduct Authority—applications for approval

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

  • Financial Conduct Authority—applications for approval
  • The procedure
  • What is an approved person?
  • How to apply for approval
  • Timing
  • SIF interviews
  • Adverse disclosures
  • Decisions on applications
  • Withdrawal of applications
  • Consequences of approval

On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) in relation to UK banks, building societies, credit unions and PRA-designated investment firms (relevant authorised persons or RAPs) and the Senior Insurance Managers Regime (SIMR) replaced APER in relation to all UK-incorporated firms who fall within scope of Solvency II, including insurance and reinsurance firms. SIMR also applies to Insurance Special Purpose Vehicles, the Society of Lloyd’s and managing agents, and UK branches of non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty).. Other firms remain within the scope of APER until the SM&CR is extended to all FSMA authorised financial services institutions, which is expected to be in 2018.. The Financial Services team have retained this Practice Note as a source for those who remain under the APER . For further information, see Practice Note: Senior Managers and Certification Regime—essentials for SM&CR banking firms and SM&CR—policy development and key dates

Where a person is going to carry out one or more controlled functions, they have to be approved by either the Prudential Regulatory Authority (PRA) as a dual-regulated firm or the FCA as a single-regulated firm. Firms must take care to ensure that their employees do not actually perform any controlled functions until they are properly approved by