SIFA 7.7 Principles For Approved Persons
The Principles for firms (see Chapter 5 of the Guide) are matched by a set of seven principles for Approved Persons. The Statements of Principle and Code of Practice for Approved Persons sourcebook (APER) includes the Statements of Principle in APER 2 and the Code of Practice in APER 3. APER 4 provides guidance on the factors, which in our opinion, should be taken into account when assessing whether an approved person has complied with the Statements of Principle.
The Principles set out the standards of conduct expected of an approved person:
Statements Of Principle |
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An approved person must act with integrity in carrying out his controlled function. |
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An approved person must act with due skill, care and diligence in carrying out his controlled function. |
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An approved person must observe proper standards of market conduct in carrying out his controlled function. |
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An approved person must deal with the FSA and with other regulators in an open and co-operative way and must disclose appropriately any information of which the FSA would reasonably expect notice. |
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An approved person performing a significant influence function must take reasonable steps to ensure that the business of the firm for which he is responsible in his controlled function is organised so that it can be controlled effectively. |
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An approved person performing a significant influence function must exercise due skill, care and diligence in managing the business of the firm for which he is responsible in his controlled function. |
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An approved person performing a significant influence function must take reasonable steps to ensure that the business of the firm for which he is responsible in his controlled function complies with the relevant standards and requirements of the regulatory system. |