The fact that there is a person performing the apportionment and oversight function, and who has responsibility for activities subject to regulation by the FCA, may have a bearing on whether a manager who is based overseas will be performing an FCA controlled function. It is a factor to take into account when assessing the likely influence of the overseas manager.
Generally, in relation to a UK establishment of an overseas firm or a firm which is part of an overseas group, where an overseas manager’s responsibilities in relation to the United Kingdom are strategic only, they9 will not need to be an FCA-approved person. However, where, in accordance with 9SYSC 4 to SYSC 10, they are9 responsible for implementing that strategy in the United Kingdom, and have9 not delegated that responsibility to a senior manager in the United Kingdom, they are9 likely to be performing an FCA controlled function for example, the chief executive function9.
A firm carrying on insurance distribution activity7, other than a sole trader, must allocate to a director or senior manager the responsibility for the firm's insurance distribution activity7 (MIPRU 2.2.1 R). The9 firm may allocate this responsibility to the person performing the apportionment and oversight function.
- (1) 3332