Controlled functions are designated positions within an FCA regulated firm which can only be held by individuals who have been approved by the FCA for that purpose (known as approved persons). Typically these controlled functions include directors, partners, senior managers and other persons having a significant influence including by way of shareholdings. For some types of firm approved persons are also required for specific positions such as compliance, customer advice, asset management, and client money.
Approved persons have to meet the FCA’s fit and proper person requirements and must comply with the approved persons conduct requirements. More information on these matters can be found on the FCA website or by downloading our free guides below.
Individuals holding a controlled function can be held personally accountable by the FCA and in the event of failings this can lead to personal fines that the individual themselves must pay.
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Whether you’re thinking of becoming an approved person, or your firm is seeking to ensure that its controlled functions are undertaken in a compliant manner, we offer the expert assistance needed to ensure you meet your FCA obligations
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