A 1significant-influence function, in relation to the carrying on of a regulated activity by an appointed representative3, means a function that is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the appointed representative’s3 affairs, so far as relating to the activity.1
the appointment is to provide cover for an approved person whose absence is:
the appointment is for less than 12 weeks in a consecutive 12-month period;
the description of the relevant FCA significant-influence function does not relate to those activities of that individual.
SUP 10A.5.6 R enables cover to be given for, as an example, holidays and emergencies and avoids the need for the precautionary approval of, for example, a deputy. However, as soon as it becomes apparent that a person will be performing an FCA controlled function for more than 12 weeks, the authorised approved person employer of the approved person in question3 should apply for approval.