What is an FCA Approved Person?

Once you have completed your online FCA Authorisation Application you will then be prompted to submit an Approved Persons Application.  You have to complete this additional application form.

An ‘approved person’ is an individual who has been approved by the FCA to perform one or more controlled functions on behalf of your business. For most CCS retailers this is likely to be just one or two individuals such as the Managing Director and the Operations Manager (larger or more complex businesses may need to have more approved persons).

Approval must be obtained from the FCA before a person can perform a controlled function. A list of controlled functions can be found on the FCA’s website.

The FCA will only grant approval if you can demonstrate that each approved person candidate is fit and proper to perform the controlled function applied for. In other words, the FCA must be satisfied that the candidate:

What are the FCA’s expectations?

Before you submit your application

The onus is on your business to provide sufficient information on the Approved Persons Application Form to satisfy the FCA that the candidate is fit and proper.  You should be prepared to provide the FCA with details about the due diligence undertaken, the references obtained, and the rationale used to conclude that the candidate is fit and proper.

The application will need to be signed on behalf of your business (as it is the FCA Authorisation applicant) and by the approved person candidates.

How long does approval take?

The FCA has a statutory obligation to determine applications within 90 days.