MIGI 6.1 Introduction

An individual within a firm or an appointed representative of that firm that will carry out a 'controlled function' in the firm or appointed representative must first be approved by us as fit and proper to carry out that function. Direct regulation of these individuals complements our regulation of the authorised firm itself.

Broadly, a person is likely to be performing a controlled function in a mortgage or insurance intermediary if he holds a position of significant influence in the firm. If your firm is small and has a simple organisational structure, it is likely that only those on the firm's governing body will need to be approved persons.

This chapter:

1. (1)

   helps you determine which individuals in your firm need to be approved persons (whether your firm is authorised or an appointed representative);

2. (2)

   explains what you need to do if these individuals are to be approved; and

3. (3)

   explains that there are continuing obligations on approved persons once they have been approved.