Approved persons: financial services

Updating authors: Nick Thorpe and Neil Johnston
Consultant editors: Bridget Barker and Paul Ellison

Summary

• Individuals performing controlled functions must be approved in advance by either or both of the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) as approved persons (s.59 of the Financial Services and Markets Act 2000). (See Who is an approved person?)
• A list of controlled functions is included in the FCA and PRA Supervision sourcebooks. (See What are controlled functions?)
• Approved persons must be assessed as fit and proper. (See How to obtain approved person status)
• Information that casts doubt on an approved person's fitness and propriety should be notified to the FCA and/or the PRA. (See Notification of changes to an approved person's status)
• Failure to comply with the Code of Practice for Approved Persons may result in enforcement action by the FCA and/or the PRA. (See Consequences of approved person status and FCA/PRA action)
• The standards of behaviour that the FCA and PRA expect of their approved persons are set out in the Statements of Principle and Code of Practice for Approved Persons. (See Statements of Principle and Code of Practice for Approved Persons)
• There are particular approved person requirements that apply to overseas firms that carry out regulated activities from a branch in the UK. (See Approved persons in overseas firms)