Reset to Today

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

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2024-11-19.

Timeline guidance

Alternative versions

  3. Point in time
    2024-11-19

SUP 10C.4A FCA governing functions: General

PRA-authorised persons

SUP 10C.4A.1G

1SUP 10C.9 (Minimising overlap with the PRA approved persons regime) explains that in many cases a person performing one of the functions set out in SUP 10C.5 or SUP 10C.5A for a PRA-authorised person will not in fact require approval from the FCA to perform the function and will just require PRA approval.

Sole traders

SUP 10C.4A.2G
  1. (1)

    2An individual sole trader themselves will not need approval to perform any of the FCA governing functions3. Therefore the FCA governing functions3 do not apply to a sole trader with no employees.

  2. (2)

    It is possible, although perhaps not likely in practice, that the FCA governing functions3 could apply to staff working for the sole trader.

  3. (3)

    In particular, it is possible for the sole trader to give sufficient authority to a staff member that the staff member meets the Glossary definition of a director.

  4. (4)

    This might happen, for example, if the sole trader’s business is so large that the sole trader sets up a governing body to run it.