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

We received a large volume of applications ahead of the extension of the Senior Managers and Certification Regime (SM&CR) in December 2019. We increased resourcing and made good progress in reducing the volume of cases which had breached their statutory deadline and application allocation times. 
In 2021 Q1, we received significantly higher volumes of applications than forecast and our capacity was reduced because of coronavirus (Covid-19). We are further increasing resources to allocate and process applications. But you may experience delays.  
Routine applications to be approved to hold a Controlled Function at Appointed Representatives may also take longer than our voluntary service standard of 5 working days, as we have received a significant increase in these applications in 2021.

 

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.

 

Page updates

01/09/2021: Information changed Update on progress of applications