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Status: You are viewing the version of the handbook as on 2005-06-30.

SUP 10.2 Purpose

SUP 10.2.1G

The immediate purpose of SUP 10.3 to SUP 10.10 is to specify, under section 59 of the Act, descriptions of the 27controlled functions which are listed in SUP 10.4.5 R. The underlying purpose is to establish, and mark the boundaries of, the "approved persons regime". An approved person is a person, generally an individual, who is approved to perform a controlled function.

SUP 10.2.2G

The controlled functions which have been specified in this chapter are those functions which the FSA sees as key to the operation of the provisions of Part V of the Act (Performance of Regulated Activities) and the provisions made under Part V. Those provisions include:

  1. (1)

    the Statements of Principle and Code of Practice for Approved Persons issued under section 64 of the Act (see APER); and

  2. (2)

    the fit and proper test referred to in section 61 of the Act (see FIT).

SUP 10.2.3G

The purpose of the direct regulation of an individual (and in some cases a body corporate) is to complement the regulation of the authorised person, that is the firm for which the approved person performs the function.

SUP 10.2.4G

SUP 10.11 to SUP 10.14 set out the procedures for applying for approval, changing the details held by the FSA concerning an approved person, and withdrawing from approval.