Approved Persons Regime
Refreshed July 2024 | CPD time: 1 Hour
An approved person is someone who has been approved by the FCA to carry out certain controlled functions, and who is required to comply with a set of principles. The approved persons regime (APER) supports the FCA’s regulatory system for the protection of consumers and the UK financial system by ensuring the quality of individuals working in certain roles within the financial services industry. This module examines the basis of the regime, the fit and proper test and the components of fitness and propriety, controlled functions, the Code of Practice for approved persons, the Principles for approved persons, and key regulatory developments. The Senior Managers and Certification Regime (SMCR) has now been extended to all FCA-regulated firms. However, APER continues to apply to appointed representatives.
1. The Basis of the Approved Persons Regime
2. The Fit and Proper Test
3. The Components of Fitness and Propriety
4. The Controlled Functions
5. Principles for Approved Persons
6. The Code of Practice for Approved Persons
7. Regulatory Developments
Module Test