Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Content Options

View Options:

Alternative versions

  1. Point in time
    2009-02-07

CRED 13.7 Applying for approved persons status

CRED 13.7.1G

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.

CRED 13.7.2G

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.

CRED 13.7.3G

1Applicants2for Part IV Permission should2complete Form A (included as part of the FSA's application pack) when applying for approval of a person to perform a controlled function.

22
CRED 13.7.4G

The FSA's application pack includes explanatory notes on how to complete the approved persons forms.

CRED 13.7.5G

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.

CRED 13.7.6G

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.

CRED 13.7.7G

SUP 10.13.16 R requires that, if a firm becomes aware of information which would reasonably be material to the assessment of an approved person's, or a candidate's, fitness and propriety (see FIT), it must inform the FSA on Form D as soon as practicable.2

2
CRED 13.7.8G

An application for approval can be withdrawn by the applicant at any time by notifying the FSA, using Form B. The applicant must have the consent of the candidate before withdrawing an application for approval.