An applicant for Part IV permission must take reasonable care that it has applied in respect of all persons who will be performing controlled functions for approval by the FSA. A person cannot commence performing a controlled function until it has been approved by the FSA. Applicants planning to outsource the performance of one or more controlled functions should discuss the approved persons requirements with their usual supervisory contact at the FSA.
The FSA has to process complete approved person applications within three months of receipt, but it will aim to come to a decision more quickly than this whenever circumstances allow. Where the FSA has to request additional information, the elapsed time from receipt of the application to determination may be more than three months to make a determination about the application.
The FSA may grant an application only if it is satisfied that the candidate is a fit and proper person to perform the controlled function stated in the application form. The criteria used by the FSA in making this judgement are covered in CRED 6.4. Responsibility lies with the applicant to satisfy the FSA that the candidate is fit and proper to perform any controlled function applied for.