Training Courses

FSA Approved Persons Workshop

Category: Regulation and Compliance

Course level: Advanced

In house

This 2-hour workshop is designed to ensure that Approved Persons at an FSA-regulated firm understand the principles that apply to them, the FSA’s approach to the Code of Conduct and their individual responsibilities to both themselves and the firm.

The workshop will also highlight the impact of MiFID on the existing regulatory landscape.

Objectives

By the end of the workshop, delegates will have a better understanding of:

  • the definition of Controlled Functions
  • the registration process for Approved Persons
    the responsibilities and liabilities of Approved Persons
  • FSA’s principles for Approved Persons
  • Training & Competence requirements for Approved Persons
  • Code of Conduct for Approved Persons
  • changes to the regime post-MiFID under PS 07/3&4

Length

2 hours

Course Content

Overview of the Financial Services & Markets Act 2000

Regulated activities
Regulated investments, designated investment business

The Financial Services Authority (FSA)

Regulatory objectives
Governance
Key principles
FSA powers
Authorisations, Code of Conduct, compensating investors,
financial promotion, investigations, listing rules, market
abuse, Training & Competence


Identifying Controlled Functions

Governing functions
Significant Influencer and customer functions
What functions define a Significant Influencer?
Changes under PS 07/3&4

Approved Persons regime

Seeking approval
Information required
Changes to the individual’s details
Changing/ceasing a Controlled Function
Changing firms
Temporary staff
Notifiable persons
Reporting requirements

What does the FSA expect?

FSA Principles for Approved Persons
Code of Practice for Approved Persons
Personal accountability and responsibility of Approved Persons

Training & Competence regime

Who falls under the T&C regime and who is outside?
How do individuals demonstrate competence?
What are the approved examinations?
Supervising staff until they are deemed competent
On-going requirement (CPD)
Documentation and record keeping
Proposed changes under FSA CP06/15

Responsibilities of line managers

Recruitment process – what must be considered when assessing competence?
Ensuring non-Approved Persons do not carry out Controlled Functions
Regular assessment of competence (i.e., appraisals)
Is the line manager able to assess competence (role of Compliance and HR in providing support framework, systems and controls)?
Individual responsibilities of line managers for their staff

Enforcement and disciplinary processes

FSA enforcement procedures
FSA investigatory powers
FSA tribunals and sanctions

This course would be suitable for:

  • Approved Person
  • HR and training
Contact Us