Any draft applications created before 27 May 2022 will incur the new changes.
We are no longer accepting paper applications. Firms and individuals are now required to submit applications using our online system Connect. Once registered, you can track the progress of your application.
The firm contact centre will be the first point of call if applying for a paper exemption.
Our Handbook also includes a useful summary of forms and their use for applications for approval to perform a controlled function.
A few applications and notifications still need to be sent on paper - these include adding or changing senior management functions for approved persons who are corporate partners. Credit unions may also need to apply on paper.
You only need to send one paper application to the relevant regulator – either to the PRA for their senior management functions or to us for ones we control. If your firm is dual-regulated and your application relates to both a PRA and an FCA function, then you should only send the form to the PRA. They will send us any relevant information.
Approved persons and directors of appointed representatives
If you perform a governing function for an appointed representative, you must be an approved person. You cannot apply on your own behalf to be this approved person - your principal (the authorised firm responsible for your actions) must apply for you.
For appointed representatives that provide general insurance business alongside their main business (for example, a vet recommending specific pet insurance), only one person in the firm needs to be an approved person. They should be a director (or equivalent) and perform one of the following governing functions:
- chief executive
- director of unincorporated association
More than one firm
You can be an approved person for more than one firm. We will look at your application to see how you plan to do this, including how you will manage the associated risks. The responsibility is on firms to make sure no conflicts of interest arise.
Declarations and signatures
Declarations must be signed by both an appropriate individual for the firm or applicant submitting the application and the candidate. Signatures must not be dated more than 3 months before the application submission date.
An ‘appropriate individual’ is someone approved for a senior management function or someone the firm has delegated the authority to notify us. If this authority has been delegated, the firm should keep records of individuals authorised to sign for the firm. All submitted signatures should be originals.
There is no application fee for approved persons.