Related provisions for APER 4.5.11

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

APER 4.7.1AGRP
The Statement of Principle 7 (see APER 2.1A.3R5) is in the following terms: "An approved person performing an accountable higher management function5 must take reasonable steps to ensure that the business of the firm for which they are5 responsible in their5accountable function complies with the relevant requirements and standards of the regulatory system."512
APER 4.6.1AGRP
The Statement of Principle 6 (see APER 2.1A.3R1) is in the following terms: "An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the firm for which they are1 responsible in their2accountable function."14
APER 4.6.10GRP
1In determining whether or not the conduct of an approved person performing an accountable higher management function under APER 4.6.5G, APER 4.6.6G and APER 4.6.8G complies with Statement of Principle 6, the following are factors which, in the opinion of the FCA, are to be taken into account:(1) the competence, knowledge or seniority of the delegate; and (2) the past performance and record of the delegate.
APER 4.6.13GRP
(1) An approved person performing an accountable higher management function1may delegate the investigation, resolution or management of an issue or authority for dealing with a part of the business to individuals who report to them 1or to others.(2) The approved person performing an accountable higher management function1should have reasonable grounds for believing that the delegate has the competence, knowledge, skill and time to deal with the issue. For instance, if the compliance
APER 2.1A.3RRP

1Statements of Principle issued under section 64A(1)(a) of the Act

Statement of Principle 1

An approved person must act with integrity in carrying out his accountable functions.

Statement of Principle 2

An approved person must act with due skill, care and diligence in carrying out his accountable functions.

Statement of Principle 3

An approved person must observe proper standards of market conduct in carrying out his accountable functions.

Statement of Principle 4

An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice.

Statement of Principle 5

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the firm for which they are 1responsible in their 1accountable function is organised so that it can be controlled effectively.

Statement of Principle 6

An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the firm for which they are1 responsible in their 1accountable function.

Statement of Principle 7

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the firm for which they are 1responsible in their 1accountable function complies with the relevant requirements and standards of the regulatory system.

DEPP 6.2.7GRP
The FCA will not discipline individuals6 on the basis of vicarious liability (that is, holding them responsible for the acts of others), provided appropriate delegation and supervision has taken place (see APER 4.6.13G, APER 4.6.14G, COCON 4.1.8G and COCON 4.2.17G to COCON 4.2.24G6). In particular, disciplinary action will not be taken against an approved person performing a significant influence function or a senior conduct rules staff member6 simply because a regulatory failure