Extension of the Approved Persons Rules

The Financial Services Authority (FSA) has extended the Approved Persons Rules beyond the directors of firms to include those "exercising significant influence". Firms have to apply for approval for such persons before 6^th February 2010.

The rules are part of the FSA's supervisory enhancement programme (SEP). This aims to clarify what the FSA expects of individuals who perform a 'significant influence' function at a regulated firm.

Wragge & Co's specialist Financial Services team has prepared a detailed analysis on the implications of these changes.