What is an FCA approved person?
First of all let’s explain: what are the FCA Approved Persons? An approved person is someone who is approved to perform a ‘controlled function’ (see below) for an authorised firm or an appointed representative firm. satisfy the FCA that you can meet, and maintain, the criteria for approval (the Fit and Proper Test FCA) and then
What are the FCA’s requirements of an individual?
The most important are concerned with the individual’s: honesty, integrity and reputation (the FCA must be satisfied that the individual will be open and honest in his dealings and is able to comply with the requirements imposed on him);
Is your firm regulated by the FCA or PRA?
If your firm is currently regulated under our Approved Persons Regime, this will be replaced by SM&CR from 9 December 2019. Dual-regulated insurers are those regulated by both the FCA and PRA. The SM&CR replaced the revised version of our Approved Persons Regime and the PRA's Senior Insurance Managers Regime from 10 December 2018.