FCA publishes new ‘approved persons’ resource in relation to Senior Management Functions and Controlled Functions – including Case Studies

Mar 13, 2025 | FCA

Context

The FCA has published a new web page in relation to approved persons – so persons who are approved by the FCA to hold Senior Management Functions under the SM&CR, or to hold Controlled Functions under the Approved Persons regime. The new page contains a number of links to useful resources (detailed below) including the FCA’s ‘Senior management functions’ web page and its ‘Principals and Appointed Representatives’ web page (from which there is a link to a ‘Recruit, change or terminate an Appointed Representative’ web page where there is information about applications for Approved Persons at ARs).

Prepare to apply for a senior manager function | FCA – covering pre-application checks and requirements, and guidance on what to disclose.
Apply for a senior management function | FCA – the process for submitting an application to the FCA, including details of what will be asked for, the required supporting evidence, what to expect from the FCA, common reasons for delays, what good applications look like, and guidance on what firms need to provide within the individual sections of the Connect application (the online Form A).
Case studies: applying for a senior management function | FCA – a useful resource outlining five case studies, three of which include commentary about what the FCA’s concerns were with the application, and all of which include commentary on what the FCA expected from the firm making the application.
How we assess senior management function applications | FCA – which covers scrutiny levels and the FCA’s risk-based approach, applications from candidates from overseas or other industry sectors, timelines, interviews (what to expect), outcomes and next steps if your application is approved, refused or approved with conditions, and how to withdraw an application.