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Status: You are viewing the version of the handbook as on 2009-03-31.

APER 2.1 The 1Statements1 of Principle

APER 2.1.1G

APER 2.1.2 P sets out the Statements of Principle issued by the FSA to which APER 1.2.1 G refers and to which the provisions of the Code of Practice for Approved Persons and guidance in APER 3 and APER 4 apply.

APER 2.1.1AP

1An approved person will not be subject to a Statement of Principle to the extent that it would be contrary to the UK's obligations under a Single Market Directive.

APER 2.1.2P

Statements of Principle issued under section 64 of the Act

Statement of Principle 1

An approved person must act with integrity in carrying out his controlled function.

Statement of Principle 2

An approved person must act with due skill, care and diligence in carrying out his controlled function.

Statement of Principle 3

An approved person must observe proper standards of market conduct in carrying out his controlled function.

Statement of Principle 4

An approved person must deal with the FSA and with other regulators in an open and cooperative way and must disclose appropriately any information of which the FSA would reasonably expect notice.

Statement of Principle 5

An approved person performing a significant influence function must take reasonable steps to ensure that the business of the firm for which he is responsible in his controlled function is organised so that it can be controlled effectively.

Statement of Principle 6

An approved person performing a significant influence function must exercise due skill, care and diligence in managing the business of the firm for which he is responsible in his controlled function.

Statement of Principle 7

An approved person performing a significant influence function must take reasonable steps to ensure that the business of the firm for which he is responsible in his controlled function complies with the relevant requirements and standards of the regulatory system.