2 - Authorised & Approved persons Flashcards
What does an applicant need to establish when applying for a Part 4A permission?
The specific activities and investments involved
To whom may firms appeal FCA decisions?
The Tax and Chancery Chamber of the Upper Tribunal
What is passporting?
Where a person from another European Economic Area state (EEA) is authorised in its home state but is able to carry on investment business in another EEA state
What are 3 main thresholds conditions for gaining Part 4A approval?
-Location of offices
-Effective supervision
-Suitability
What are 4 entities exempt from the need for authorisation?
-Lloyds syndicate members
-Appointed representatives
-Bank of England
-Recognised clearing house
When are the regulated activities of a member of Designated Professional Body (DPB) not exempt from the need for authorisation?
The regulated activities are distinct and separate
Which sourcebook within the FCA Handbook sets high-level competence requirements?
Senior Management Arrangements, Systems and Controls
How does an authorised firm wanting to carry on activities over and above those specified in Part 4A get permission?
Apply to the FCA to vary the original Part 4A permission
What are accredited bodies responsible for under the Retail Distribution Review (RDR)?
Recognising continuing professional development (CPD) activity from a range of other providers
If an FCA authorised firm has been recommending unsuitable investments for its clients, which Principles for Businesses has it breached?
Relationship of Trust
How often will a firm need to assess as fit and proper those staff who pose the risk of significant harm to the firm or its customers?
Annually
To which body must a dual-regulated firm apply to vary its Part 4A permission?
The PRA
How long after the firm ceases business with a retail client, must they keep record of the client agreement?
4 years
