Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SUP 10A.14 Changes to an FCA-approved person's details

Moving within a firm

SUP 10A.14.1GRP

An FCA-approved person's job may change from time to time as a result, for instance, of a change in personal job responsibilities or a firm's regulated activities. Where the changes will involve the person performing one or more FCA controlled functions different from those for which approval has already been granted, then an application must be made to the FCA for approval for the person to perform those FCA controlled functions. The firm must take reasonable care to ensure that an individual does not begin performing an FCA controlled function until the FCA has granted FCA-approved person status to that individual in respect of that FCA controlled function. 5

SUP 10A.14.2GRP

If:7

  1. (1)

    a firm is applying for approval for someone to perform a controlled function under this chapter; and 7

  2. (2)

    that person is also ceasing to perform FCA controlled functions or a PRA controlled function in relation to the same firm or in relation to a firm in the same group;7

the firm should generally use Form E. Further details can be found in SUP 10A.14.4D.7

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SUP 10A.14.3GRP

If a person is to perform an FCA controlled function under this chapter in relation to7 a firm for which they5 already perform an5 FCA controlled function as an approved person (whether under this chapter or SUP 10C (FCA senior managers regime for approved persons in SMCR firms))7 but they are5 not at the same time ceasing to perform an FCA controlled function or PRA controlled function for the firm or a firm in the same group5, a firm should use Form A. See SUP 10A.13.3D and SUP 10A.13.3AD for further5 details.

SUP 10A.14.3AG

7See SUP 10A.14.23G for circumstances in which a firm should use Form D rather than Form A or E.

SUP 10A.14.4DRP
  1. (1)

    A firm must use Form E where an approved person is both permanently8 ceasing to perform one or more controlled functions and needs to be approved in relation to one or more FCA controlled functions in relation to7 the same firm or in relation to a firm in the same7 group.

  2. (2)

    A firm must not use Form E if: 2

    1. (a)

      the approved person has never before been approved to perform for any firm:2

      1. (i)

        an FCA controlled function that is2 a significant-influence function; or2

      2. (ii)

        an FCA-designated senior management function; or2

      3. (iii)

        a PRA controlled function;2

    2. (b)

      the approved person2 has not been subject to a current approved person approval from the FCA or PRA to perform:2

      1. (i)

        an FCA controlled function that is2 a significant-influence function; or

      2. (ii)

        an FCA-designated senior management function; or2

      3. (iii)

        a PRA controlled function;2

      in relation to any firm for more than six months; or2

    3. (c)

      any of the following apply (where applicable):2

      1. (i)

        a notification referred to in SUP 10C.10.9D(4)(b) or (c) (notification obligations under the Act applying to SMCR firms5) has been made or should be made; or2

      2. (ii)

        any of the circumstances in SUP 10A.14.10R (Qualified Form C) apply;2

      in relation to any:2

      1. (iii)

        controlled functions which that person is ceasing to perform (as referred to in (1)); or2

      2. (iv)

        5controlled function that they are continuing to perform in relation to7 that firm or to7 a firm in the same group.2

  3. (3)

    A firm must not use Form E if a notification has been made or should be made under:2

    1. (a)

      SUP 10A.14.17R (Changes in fitness to be notified under Form D);2

    2. (b)

      SUP 10C.14.18R (the corresponding requirement for SMCR firms5); or2

    3. (c)

      3the corresponding PRA requirements to (a).3

      22

    (whichever is applicable)2 in relation to any controlled functions that that person is ceasing to perform (as referred to in (1)) or any controlled function that he is continuing to perform in relation to that firm or a firm in the same group.

SUP 10A.14.4AG

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  1. (4)

    [deleted]5

SUP 10A.14.4AAG

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SUP 10A.14.4ABG
  1. (1)

    8A firm should only use a Form E when the candidate is ceasing to perform a controlled function in a way that means that the candidate will cease to be approved for that controlled function.

  2. (2)

    See SUP 10A.14.8AG to SUP 10A.14.8DG for the difference between temporarily ceasing to perform a controlled function (which means that approval for the performance of that controlled function continues) and permanently ceasing to perform a controlled function (which means that approval for the performance of that controlled function lapses).

  3. (3)

    (1) and (2) are the reason that SUP 10A.14.4D refers to permanently ceasing to perform a controlled function.

SUP 10A.14.4BD

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5

5

5
SUP 10A.14.4CG

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SUP 10A.14.5G

SUP 10A.16.1 D explains how applications should be submitted.

Moving between firms

SUP 10A.14.6GRP

If it is proposed that an FCA-approved person will no longer be performing an FCA controlled function under an arrangement entered into by the appointed representative of one principal7, but will be performing the same or a different FCA controlled function under an arrangement entered into by the appointed representative of a new principal7, the new principal7 will be required to make a fresh application for the performance of the FCA controlled function by that person. This applies even if the new principal is in the same group as the old principal or the appointed representative is the same.7

SUP 10A.14.7GRP

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Ceasing to perform an FCA controlled function

SUP 10A.14.8RRP
  1. (1)

    A firm must submit to the FCA a completed Form C (SUP 10C Annex 5R)5 no later than ten4 business days after an FCA-approved person permanently8 ceases to perform an FCA controlled function.2

  2. (2)

    If:2

    1. (a)

      the firm is also making an application for approval for that approved person to perform a controlled function in relation to7 the same firm or to a firm in the same7 group; and2

    2. (b)

      ceasing to perform the FCA controlled function in (1) has triggered a requirement to make that application for approval:2

      1. (i)

        to the FCA using Form E (rather than a Form A) under SUP 10A or SUP 10C; or2

      2. (ii)

        to the PRA using the PRA’s Form E in accordance with the corresponding PRA requirements;2

      it must make the notification under (1) using that Form E.2

SUP 10A.14.8AG

8Permanently ceasing to perform an FCA controlled function means that that person no longer has approval to perform that function. Permanent cessation does not mean that that person cannot return to perform that function, rather that if they do, they will need fresh approval.

SUP 10A.14.8BG

8Examples of when an FCA-approved person will have permanently ceased to perform an FCA controlled function include moving within a firm (see SUP 10A.14.1G to SUP 10A.14.5G), moving between firms (see SUP 10A.14.6G), resignation, dismissal, retirement, and death.

SUP 10A.14.8CG

8In cases of temporary absence (for example sick leave or parental leave) where the firm is keeping the same role open for an FCA-approved person, approval to perform the relevant FCA controlled function will continue and therefore the firm will not be required to submit a Form C. See SUP 10A.14.8HG for guidance on interim appointments.

SUP 10A.14.8DG

8As a result, an FCA-approved person who returns to perform the same FCA controlled function following such a temporary absence will not need fresh approval.

SUP 10A.14.8ER
  1. (1)

    8If an FCA-approved person has been absent for more than 12 weeks, the firm must notify the FCA on Form D (SUP 10C Annex 6R) within seven business days of the end of the 12-week period.

  2. (2)

    The firm must also notify the FCA on Form D (SUP 10C Annex 6R) within seven business days of the FCA-approved persons return.

SUP 10A.14.8FG

8Where a firm is aware that an FCA-approved person will be absent for more than 12 weeks that firm can notify the FCA prior to the end of the 12-week period.

SUP 10A.14.8GG

8The duty to notify in SUP 10A.14.17R continues to apply during a temporary absence.

SUP 10A.14.8HG
  1. (1)

    8Where an FCA-approved person is temporarily absent (see SUP 10A.14.8CG) a firm may decide to appoint another person to perform that FCA-controlled function during the interim period.

  2. (2)

    Unless SUP 10A.5.6R (The 12-week rule) applies, the firm will be required to make a fresh application for the performance of the FCA-controlled function by a person who has been appointed for the interim period (see SUP 10A.13 (Application for approval and withdrawing an application for approval) for details).

  3. (3)

    The firm will be required to notify the FCA under SUP 10A.14.8R when the person who was appointed for the interim period gives up the role on the return of the person who was temporarily absent.

SUP 10A.14.9G

SUP 10A.16.2 R explains how notifications should be submitted.

SUP 10A.14.9AG

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SUP 10A.14.10RRP
  1. (1)

    A firm must notify the FCA as soon as practicable after it becomes aware, or has information which reasonably suggests, that it will submit a qualified Form C in respect of an FCA-approved person.

  2. (2)

    Form C is qualified if the information it contains:

    1. (a)

      relates to the fact that the firm or the appointed representative7 has dismissed, or suspended, the FCA-approved person from its employment; or

    2. (b)

      relates to the resignation by the FCA-approved person while under investigation by the firm, the appointed representative,7 the FCA or any other regulatory body; or

    3. (c)

      otherwise reasonably suggests that it may affect the FCA's assessment of the FCA-approved person's fitness and propriety.

SUP 10A.14.11GRP

Notification under SUP 10A.14.10 R may be made by telephone, email or fax and should be made, where possible, within one business day of the firm becoming aware of the information. If the firm does not submit Form C, it should inform the FCA in due course of the reason. This could be done using Form D, if appropriate.

SUP 10A.14.12GRP

A firm is responsible for notifying the FCA if any FCA-approved person has permanently8 ceased to perform an FCA controlled function under an arrangement entered into by its appointed representative or former appointed representative or where any such FCA-approved person is temporarily absent8.

SUP 10A.14.13GRP

A firm can submit Form C or Form E 6to the FCA in advance of the cessation date. When a person ceases the arrangement under which they perform4 an FCA controlled function, they4 will automatically cease to be an FCA-approved person in relation to that FCA controlled function. A person can only be an FCA-approved person in relation to a specific FCA controlled function. Therefore, a person is not an FCA-approved person during any period between ceasing to perform one FCA controlled function (when they are4 performing no other FCA controlled function) and being approved in respect of another FCA controlled function.

4
SUP 10A.14.14GRP

Sending forms promptly will help to ensure that any fresh application can be processed within the standard response times.

Changes to an approved person's personal details

SUP 10A.14.15RRP

If an FCA-approved person's title, name or national insurance number changes, the authorised approved person employer7 must notify the FCA on Form D (SUP 10C Annex 6R)5 of that change within seven business days of the firm becoming aware of the matter.

SUP 10A.14.16GRP

The duty to notify in SUP 10A.14.15 R does not apply to changes to an FCA-approved person's private address.

SUP 10A.14.17RRP

If a firm becomes aware of information which would reasonably be material to the assessment of an FCA-approved person's, or a FCA candidate's, fitness and propriety (see FIT), it must inform the FCA on Form D, or (if it is more practical to do so and with the prior agreement of the FCA) by e-mail or fax, as soon as practicable.

SUP 10A.14.18GRP

SUP 10A.16.2 R applies to the submission of Form D.

SUP 10A.14.19GRP

Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.

SUP 10A.14.20RRP

The duty to notify in SUP 10A.14.17 R extends to any circumstances that would normally be declared when giving the information required for section 5 of Form A or matters considered in FIT 2.

SUP 10A.14.21GRP
  1. (1)

    If, in relation to a firm which has completed the relevant Form A (SUP 10C Annex 3D7), any of the details relating to arrangements and FCA controlled functions are to change, the firm must notify the FCA on Form D (SUP 10C Annex 6R5).

  2. (2)

    The notification under (1) must be made as soon as reasonably practicable after the firm becomes aware of the proposed change.

  3. (3)

    This also applies in relation to an FCA controlled function for which an application was made using Form E.

  4. (4)

    This rule also applies to a firm in respect of an approved person, to whom the grandfathering arrangements relating to the coming into force of the Act applied as if the firm had completed the relevant Form A for that person.

SUP 10A.14.22GRP

SUP 10A.16.2 R also applies to the submission of Form D under SUP 10A.14.21 G.

SUP 10A.14.23GRP

An example of where a firm should use Form D is when an individual who is appointed by one appointed representative becomes employed by another appointed representative but continues to perform the customer function for the firm. The firm should notify the FCA by completing Section 1.07 of Form D.

SUP 10A.14.24R

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SUP 10A.14.25G

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SUP 10A.14.26R

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