How does an individual obtain approval and how is the FCA notified of changes?
The firm must complete Form A (Application to perform controlled functions under the Approved Persons regime) and submit it to the appropriate FCA department (Individuals, Mutuals and Policy Department).
To notify the FCA of certain other events, it is necessary to complete and submit a number of different forms:
- Form B: withdrawal of an application for approval before obtaining the FCA’s decision;
- Form C*: notification that an approved person has ceased to perform a controlled function – the employer has seven business days in which to file a Form C;
- Form D: notification of changes in personal information of Approved Persons or application details;
- Form E: notification of an internal transfer of an approved person.
The FCA may take disciplinary action against a firm if a person undertakes a controlled function without first being granted Approved Person status. The FCA may also take disciplinary action against the individual. This is dealt with in more detail in the section on Disciplinary.
*“Qualified” Form C: where an Approved Person has been suspended or removed from normal duties, this form needs to be filed “as soon as practicable” (also commonly referred to as a “dirty withdrawal”).