Approved persons and appointed representatives
Handbook online
Related information
This section of the site is dedicated to Approved Persons and Appointed Representatives. We will also be using this section to regularly update you with regards to policy issues and amendments.
Disapplication of CF8 – Apportionment & oversight function
What firms are affected by this change?
From 1 April 2009 under changes to our Rules proposed in CP07/23 and confirmed in PS 08/9 we will disapply SYSC 2 and the apportionment and oversight controlled function (CF8) and extend SYSC 4.3 to those non-scope (non-common platform or non MiFID/CRD) firms which have at least one governing function under the approved persons regime.
CF8 will be retained for those firms not required to allocate governing functions
In CP07/23 we noted that there are several categories of non-scope firms that are not required to allocate significant influence functions, including the governing functions. These firms, whose main purpose is to carry on activities other than regulated activities, are predominantly secondary insurance intermediaries or members of a profession. The categories of firms affected are described in SYSC 4.4.1, these include: secondary insurance intermediaries, oil and energy market participants, service companies, members of a profession, subsidiaries of local authorities, registered social landlords and sole traders who employ any other approved persons. Sole traders who do not employ any approved persons are not included in those firms identified. This is set out in Part 2 of SYSC 1 Annex 1. We will continue to require those firms identified to allocate responsibility for apportionment and oversight to one or more individuals in line with our current approach.
What action do I (Firm) need to take?
From 1 April, firms for which CF8 is disapplied will be subject to the requirements for senior personnel set out in SYSC4.3. At this stage we believe we have sufficient information to automatically disapply CF8 for all firms with the exception of Authorised Professional Firms.
Authorised Professional Firms
Authorised professional firms conducting both non-mainstream regulated activities and other regulated activities will not require CF8. SYSC 4 and CF8 will only apply to authorised professional firms that solely carry out non-mainstream regulated activities. Those authorised professional firms that no longer require CF8 will need to apply using Form C to withdraw that controlled function.
How will the FSA implement this change?
Our Rules effecting this change come into force from 1 April 2009. Commencing in April we will begin to remove all relevant CF8s from the Register automatically.
Changes to the Rehabilitation of Offenders Act
