Approved persons

An 'approved person' is an individual who we approve to do one or more activities - what we call 'controlled functions' (senior management functions are a sub-set of controlled functions) - for an authorised firm.

Update on SMR and CF (AR) applications

The FCA received a very large volume of applications ahead of the extension of the Senior Managers and Certification Regime (SM&CR) in December 2019. As a result, the average length of time to determine these applications has increased. We have increased resourcing and expect to see volumes of applications in progress reduce over the remainder of the financial year 2020/21. But SMR applications and non-routine applications to be approved to hold a Controlled Function at Appointed Representatives (CF (AR)) may still take longer to determine than we would like over the next few months.

Routine CF (AR) applications continue to be processed quickly and within the relevant service standards.

 

This person has to know and meet our regulatory requirements, as well as understand how we apply them.

They must:

  • meet the requirements of our 'fit and proper' test and follow its principles
  • comply with the Conduct Rules (these explain the behaviour we expect of people we approve)
  • report anything that could affect their ongoing suitability to us and the authorised firm (via Form D (PDF))

We can only approve people who we are satisfied are fit and proper to perform the senior management function(s) they apply for. Read more about the 'fit and proper' test.

We will want to approve at least one person in a consumer credit firm when it applies to be authorised.

Individuals cannot perform regulated activities unsupervised until they are assessed as competent.

Consumer credit firms

We also have information on approved persons for consumer credit firms.