The FCA’s Approved Persons regime

Section 59 of FSMA provides that an authorised firm must take reasonable care to ensure that no person (which includes employees and contractors) performs a controlled function in relation to any regulated activity unless the FCA has approved that person to perform that controlled function. The general rule is that almost every authorised firm is required to apply to the FCA for the approval of one or more individuals to perform controlled functions on its behalf. There are specific rules relating to non-UK registered firms.