CRED 13.7 Applying for approved persons status
The approved persons regime and the controlled functions that apply to credit unions with a Part IV permission to accept deposits are explained in more detail in CRED 6.3.
An applicant for Part IV permission must take reasonable care that it has applied in respect of all persons who will be performing controlled functions for approval by the FSA. A person cannot commence performing a controlled function until it has been approved by the FSA. Applicants planning to outsource the performance of one or more controlled functions should discuss the approved persons requirements with their usual supervisory contact at the FSA.
1AUTH 6.3.1 D requires an applicant for Part IV Permission tocomplete Form A (included as part of the FSA's application pack) when applying for approval of a person to perform a controlled function.
The FSA's application pack includes explanatory notes on how to complete the approved persons forms.
The FSA has to process complete approved person applications within three months of receipt, but it will aim to come to a decision more quickly than this whenever circumstances allow. Where the FSA has to request additional information, the elapsed time from receipt of the application to determination may be more than three months to make a determination about the application.
The FSA may grant an application only if it is satisfied that the candidate is a fit and proper person to perform the controlled function stated in the application form. The criteria used by the FSA in making this judgement are covered in CRED 6.4. Responsibility lies with the applicant to satisfy the FSA that the candidate is fit and proper to perform any controlled function applied for.
1AUTH 6.3.4 D requires that, until an application for approval has been determined by the FSA, the applicant must inform the FSA of any significant change to the information given in Form A immediately.