2017 Training: Approved Persons, Current & Future Regimes

Events | 23/01/17

Tuesday 21 March – Manchester
Wednesday 31 May – London
Wednesday 21 6 July – Birmingham

COURSE SYNOPSIS

An ‘approved person’ is an individual the FCA approve to perform one or more activities on behalf of an authorised firm. These are activities that the FCA refers to as ‘controlled functions’. Twelve controlled functions apply to consumer credit firms depending on their business and legal status. Controlled functions need to be carried out by approved persons who are closely involved in the running of the firm. At least one individual in all consumer credit firms (except most providers of not-for-profit debt advice bodies and some sole traders) must be approved by the FCA. All statutory directors are required to be approved. When considering a candidate’s fitness and propriety, the FCA will look at: honesty (including being open regarding any self-disclosure), integrity and reputation, competence and capability, and financial soundness.

The FCA and PRA are introducing a range of policy changes, including the Senior Managers Regime, that aim to increase individual accountability within the banking sector. The main rules for banks and insurers came into effect on 7 March 2016.

In Oct 2015, HM Treasury announced that it plans to extend the Senior Managers and Certification Regime (SM&CR) to all FSMA-authorised firms, including consumer credit firms.

On 4 May 2016, the Bank of England and Financial Services Act 2016 received Royal Assent. The Act will extend the Senior Managers and Certification Regime (SMCR) to all financial services firms. The FCA is currently developing their approach to the extension of the SM&CR and their current plan is to consult during 2017. HM Treasury has stated their intention that the regime should start from 2018.

THE FACTS

Being an approved person brings with it responsibilities, specifically:

  • meet and comply on an ongoing basis with the FCA Fit and Proper test for Approved Persons
  • comply with the Statements of Principle and the Code of Practice for Approved Persons. These Statements of Principle describe the conduct that the FCA require and expect of the individuals they approve
  • report to the firm and to the FCA any matter that may affect the firm’s ongoing fitness and propriety

Non-compliance with these regulatory requirements may result in the FCA taking enforcement action against the approved person.

COURSE AIMS

To provide delegates with:

  • a look into the future in relation to the Senior Managers and Certification Regime (SM&CR)
  • tan understanding of the FCA’s Authorised Persons regime and personal responsibilities
  • an understanding of the FCA’s Fit and Proper test for Approved Persons, the Statements of Principle and the Code of Practice for Approved Persons.

COURSE CONTENT

An overview of being regulated by the FCA, including:

  • a high level summary of the proposed Senior Managers and Certification Regime (SM&CR) applicable to Consumer Credit firms in 2018
  • a review of the Authorised Persons regime including FCA’s disciplinary powers
  • an explanation of the FCA’s Fit and Proper test for Approved Persons, as set out in the High Level FCA Sourcebook (FIT), including the main assessment criteria
  • a review of the Statements of Principle and the Code of Practice for Approved Persons, as set out in the High Level FCA Sourcebook (APER)
  • a review of the 12 designated Controlled Functions as set out in the FCA’s Supervision sourcebook (SUP).

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