The UK Approved Persons regime aims to protect consumers and the UK financial system by ensuring that individuals who work in certain roles in the financial services industry are of high caliber. To achieve this, the Approved Persons regime gives the UK Financial Conduct Authority (FCA) the power to approve individuals to perform key functions specified by the regulators (called 'controlled functions') within, or linked to, a firm that is authorised to conduct regulated financial service activities in the UK. The Approved Persons regime will continue to apply to certain financial firms until the FCA replaces it with the expanded Senior Managers and Certification Regime in late 2018.
Geography Covered: UK | Duration: 45 minutes
The FCA controls the activities and behaviour of approved persons and have authority to discipline those who fail to adhere to high standards of personal conduct and accountability. Among other things, approved persons are expected to demonstrate honesty and integrity, competence and capability, and financial soundness. The Approved Persons training course explains the principles and ethical expectations set forth by the UK Approved Persons regime, as well as the negative consequences for non-compliance.
The Approved Persons regime remains applicable to financial services firms that are not covered by the new Senior Managers and Certification Regime (SMCR) that entered into force on 7 March 2016. The UK government, however, intends to extend the SMCR to all sectors of the financial services industry by late 2018.
The topics covered in the course include:
- Controlled Functions
- Becoming an Approved Person
- Disciplinary Powers
- Statements of Principle
- Code of Practice
- Senior Managers and Certification Regime
Approved Persons (UK)
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