MIGI 6.4 Becoming an approved person
What is the test for approval to become an approved person?
We will only approve an individual to perform a controlled function if we are satisfied that person is a fit and proper person to perform that controlled function. We will look at a number of factors including an individual's honesty, integrity, reputation, competence, capability, and financial standing. Further details can be found in The Fit and Proper Person test for Approved Persons ( FIT).
Applying to become an approved person
Who should make the application?
Your firm is required to ensure that no-one performs a controlled function until we have granted approval. Applications must be submitted by, or on behalf of, the firm itself, not by the individual who wishes to become an approved person. The principal firm of an AR is responsible for submitting applications for the approval of anyone in the AR who is required to be an approved person.
When should your firm apply?
- (1)
Your firm will not be authorised until individual candidates have been approved to perform the relevant controlled functions.
- (2)
You will need to obtain our approval before anyone joining your firm can perform a controlled function, even if they were approved elsewhere. In most circumstances, you will also need our approval before an approved person moves from one controlled function to another within your firm. If an approved person ceases to perform a controlled function for your firm, you must notify us. Further details can be found in SUP 10.
Where can you find the relevant form?
Your firm should apply using Approved Persons Form A, which is available at www.fsa.gov.uk/pages/Library/Communication/Forms/approved.shtml.
What notifications do you need to submit after approval?
You must notify us of changes to an approved person i.e.:
• |
when an individual leaves your firm or ceases to perform a controlled function for any other reason, you must submit Approved Persons Form C; |
• |
when an individual needs to apply for an additional controlled function within your firm, we require you to submit an Approved Persons Form A; |
• |
when an individual changes their controlled function within your firm, you must submit an Approved Persons Form E; |
• |
when an individual's personal details change (but not a change of address); and |
• |
when changes which may affect an individual's fitness, we require you to complete an Approved Persons Form D. |
All of these forms are available at:www.fsa.gov.uk/pages/Library/Communication/Forms/approved.shtml
Can I submit the forms electronically?
Yes, you can do this through our Firms Online service. First, you must ensure your firm is registered to use this service, details of which are available at: www.fsa.gov.uk/pages/Doing/Regulated/Firms/