ENF 7.3 The FSA's power to withdraw approval
Under section 63(1) of the Act (Withdrawal ofapproval), the FSA may withdraw an approval given under section 59 of the Act (Approval for particular arrangements) if it considers the person in respect of whom it was given is not a fit and proper person to perform the function to which the approval relates.
When considering whether to withdraw its approval, the FSA may, under section 63(2), consider any matter which it could take into account if it were considering an application made under section 60 of the Act (Applications for approval) in respect of the performance of the function to which the approval relates.
Section 61(2) of the Act (Determinations of approval) sets out matters to which the FSA may have regard in deciding whether a person is a fit and proper person, for the purposes of an application for approval made under section 60, to perform the function to which the approval relates.
Section 61(2) states that the FSA may: 'have regard (among other things) to whether the person, or any person who may perform a function on his behalf:
- (1)
has obtained a qualification;
- (2)
has undergone, or is undergoing, training; or
- (3)
possesses a level of competence,
required by general rules in relation to persons performing functions of the kind to which the approval relates.'
Rules and guidance contained in the Training and Competence sourcebook (TC) apply to certain specific activities that may be carried out by some approved persons.