Achieving effective board performance
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Approved Persons

Do you know the responsibilities of an Approved Person in a Senior Management role?

'Ultimately, management are responsible for running firms and ultimately firms fail because of the decisions taken by their boards and their management. These decisions are made within a firm’s corporate governance framework. The crisis exposed significant shortcomings in the governance and risk management of firms and the culture and ethics which underpin them. This is not principally a structural issue. It is a failure in behaviour, attitude and in some cases, competence.' FSA April 2012 

 
 

The standards that leaders of firms maintain set the tone for the rest of the business and the Principles and Code of Practice for Approved Persons (APER) in a SIF role set out exactly what that standard should be.

Since 2009 the FSA heightened their focus on those in Significant Influence Functions (SIFs) and expected them to be familiar with the standards they signed up for when they applied to become an Approved Person. This has continued into the new regime of the PRA and FCA with more rigorous standards being imposed in January 2015.

““The key principle is a simple one: there should be a presumption of senior management responsibility. To support that principle, we will set out the meaning of the statutory requirement that senior managers will need to show that they have taken the steps that a person in their position could reasonably be expected to take to prevent reaches of our requirements.”
Andrew Bailey, Deputy Governor, Prudential Regulation and Chief Executive Officer Oct 2014

This half day event provides those seeking approval or requiring an update to gain a greater insight into their individual obligations to maintain their Fitness and Propriety standards as well as upholding the seven principles. It is a highly practical event containing case studies that enable delegates to see from realistic scenarios and past enforcement actions exactly how the regulators expect them to behave.
 
Who should attend?

This programme is aimed at Board members:

  • Executive and Non Executive Directors
  • Chief Executives

Training Approach

This workshop is highly interactive and uses a combination of guided debate, knowledge sharing with interactive syndicate work and case studies.  Group size is kept to a maximum of 12 to facilitate debate amongst the delegates


Programme Outline

Session

Aim

Content

The High Level Standards To understand the content and fit of these standards and how they applied by the regulator
  • The structure and fit of the Sourcebooks  
  • The latest focus on good governance and the role of SIFs
  • The role of oversight and operation of systems and controls
  • Common problem areas in firms 
Controlled Functions To know and apply the current and new  Controlled Functions
  • Applying the Controlled Functions in different corporate structures
  • The new functions and their application
  • Case studies applying the functions to typical business structures
  • Meeting the Fitness and Propriety standards
  • The range of competencies expected
  • The Regulatory Interview process 
Approved persons The standards Approved Persons should meet and how they apply to your business
  • APER - Principles and code of Practice
  • Examples of improper behaviour
  • Personal liability and enforcement actions
  • Case studies -business scenarios that give rise to breaches of principles
Maintaining approval To know how you and your firm should ensure that your authorisation and records are kept up to date
  • Range of forms for notification
  • Ensuring information is maintained up-to-date
  • Maintaining Fitness and Propriety
  • Maintaining competence

BP&E Global - because Board Performance Matters

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