Related provisions for APER 4.5.11
1 - 4 of 4 items.
In
determining whether or not the conduct of an approved
person performing a significant
influence function under APER 4.6.5 E, APER 4.6.6 E and APER 4.6.8 E complies with Statement
of Principle 6 (see APER
2.1.2 P), the following are factors which, in
the opinion of the FSA, are to be taken into account:(1) the
competence, knowledge or seniority of the delegate; and (2) the
past performance and record of the delegate.
(1) An approved person performing a significant influence function may delegate
the investigation, resolution or management of an issue or authority for dealing
with a part of the business to individuals who report to him or to others.(2) The approved person performing a significant influence function should have
reasonable grounds for believing that the delegate has the competence, knowledge,
skill and time to deal with the issue. For instance, if the compliance department
only
The FSA will not discipline approved persons on the basis of vicarious liability (that is, holding them responsible for the acts of others), provided appropriate delegation and supervision has taken place (see APER 4.6.13 G and APER 4.6.14 G). In particular, disciplinary action will not be taken against an approved person performing a significant influence function simply because a regulatory failure has occurred in an area of business for which he is responsible. The FSA will