Apply The Princiolea And Rules

Question 1

Approved person

Answer 1

• any person including a body of persons corporate or incorporated
• with permission to complete activities that are controlled
• can be a company or individual

Question 2

Appointed representative

Answer 2

• is a party to a contract with an authorised person l (his principle) which requires then you I carry our business prescribed in the appointed representatives regulations.

Question 3

Excempt status

Answer 3

• a firm has an exempt satays if it has a contract with an authorised firm whereby that authorised firm has accepted responsibility in writing.
• the contract must comply with the various revaluations and can restrict the permitted business.
• these firms are called the appointed representative and the authorised firm is known as the principle.
• the principle is liable for the acts and omissions of the appointed representatives ( for business covered by the contract) as if they were it’s own

Question 4

Complaints

Answer 4

• need to be handled with cue diligence and impartiality

Question 5

SMCR

Answer 5

• they are approved by the FCA anyone who is a senior manager ie Finance
• CEO of authorised person takes ultimate responsibility