What does "registered" by the FSA mean?

* Please Note: the term does not appear in the glossary that accompanies the FSA Register. A "Registered" firm is NOT authorised under the Act.

The status of registered on the FSA Register is used for any firm that we have a regulatory interest but which is not authorised, passported-in or an appointed representative.
Registered firms are not regulated by the FSA but in general have an interest in a regulated entity (either a firm or collective investment scheme). The main functions are having a controlling interest in an authorised firm or acting as a manager/trustee to an overseas collective investment scheme (CIS).

The FSA Register may not show the details of firms with registered status.   However, CIS managers and trustees are technically authorised and thus should show on the Register. The majority of firms displayed on the Register should show a status of 'authorised (Schedule 5)' or similar.

What does "inactive" mean?

The 'inactive' status of an approved person on the Register indicates that the individual does not currently hold a controlled function in an authorised firm.

An individual gains 'active' status once they obtain a controlled function.  This happens once the authorised firm has sent in form A to us and we have approved it.   

What does "Unable to hold client money" mean?

'Unable to hold client money' indicates your firm cannot hold money on behalf of clients.

You may vary your firm's permission to hold client money by completing the variation of permission application pack

Once you have permission to hold client money you must follow the rules and guidance in the Client Assets (CASS) sourcebook:

UK authorised firms who have a deposit-taking permission do not usually need to obtain separate permission from the FSA to receive money from clients.