An 'approved person' is an individual who we approve to do one or more activities - what we call 'controlled functions' - for an authorised firm.
This person has to know and meet our regulatory requirements, as well as understand how we apply them.
- meet the requirements of our 'fit and proper' test and follow its principles
- comply with the Statements of Principle and Code of Practice (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 controlled 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.
Anyone who deals with customers will probably need approval. Most advisers (eg financial and retail advisers, investment managers) will need approval. Most providers of not-for-profit debt advice and some sole traders do not need to have an approved person.
Consumer credit firms
We also have information on approved persons for consumer credit firms .