Financial Conduct Authority—controlled functions
Financial Conduct Authority—controlled functions

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

  • Financial Conduct Authority—controlled functions
  • FCA controlled functions
  • Senior managers regime
  • Single-regulated firm controlled functions
  • Dual-regulated firm controlled functions
  • Changes to controlled functions
  • Outsourcing controlled functions
  • Short-term cover for SIFs
  • Controlled functions 1–4
  • Required functions
  • more

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 and the Senior Insurance Managers Regime (SIMR) replaced the 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). HM Treasury announced in October 2015 that the SM&CR would be extended to all FSMA authorised financial services institutions from 2018. The Lexis®PSL Financial Services team have retained this Practice Note as a source for those who remain under the APER regime. Please refer to our Senior Managers and Certification Regime—overview related content for further details on the SM&CR. Senior Managers and Certification Regime: extension to all FSMA authorised persons

FCA controlled functions

For detailed information on Prudential Regulation Authority (PRA) controlled functions see Practice Note: Prudential Regulation Authority—controlled functions.FSMA 2000, s 59

Controlled functions are functions that relate to carrying out regulated activities. The standards and code of conduct for approved persons are contained in APER. The PRA has its own Senior Management Functions, Senior Manager Conduct Rules and Individual Conduct Rules. APER does not apply to FCA approved persons or PRA approved persons of relevant authorised firms (eg deposit takers, investment firms), Solvency II firms, or small non-directive insurers, where the Code of Conduct (COCON) applies instead.APER

Under Financial Services and Markets Act