The controlled functions are those functions that the FSA has identified as being key to the operation of the approved persons regime. The FSA has divided the controlled functions into (1) significant influence functions and (2) the merged customer function.
- Significant influence functions
The significant influence function involves the person performing them exercising significant influence over the conduct of the firm's regulatory affairs. They are divided into:
- Governing functions.
- Required functions.
- Systems and controls function.
- Significant management function.
- The customer function
This function typically applies to the activities of those who advise customers. In summary, the customer function covers those who:
- Give advice on investments.
- Trade in investments.
- Manage investments.
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