FCA Controlled Functions

FCA Controlled Functions as displayed in FCA Handbook ‘Supervision’ Chapter 10A

Part 1 of the table (below) of FCA controlled functions directly applies in relation to an FCA-authorised person. It also applies in relation to an appointed representative for the purposes of SUP 10A.1.15 R to SUP 10A.1.16BR (Appointed representatives) [See – Ways To Get Authorised] whether its principal is an FCA-authorised person or a PRA-authorised person.

Part 2 of this table applies in relation to a PRA-authorised person, (except in relation to CBTL business- ask for details if you think this applies to you).

The fact that a person may be FCA-approved for one purpose does not have the effect of bringing all his activities within that FCA controlled function.

For full details, see the FCA Website HERE.

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Table contains hyperlinks directly to the regulators glossary.

Part 1 (FCA controlled functions for FCA-authorised persons and appointed representatives)

TypeCFDescription of FCA controlled function
FCA governing functions*1Director function
2Non-executive director function
3Chief executive function
4Partner function
5Director of unincorporated association function
6Small friendly society function
FCA required functions*8Apportionment and oversight function
10Compliance oversight function
10ACASS operational oversight function
11Money laundering reporting function
40Benchmark submission function
50Benchmark administration function
Systems and controls function*28Systems and controls function
Significant management function*29Significant management function
Customer-dealing function30Customer function
*FCA significant-influence functions

Part 2 (FCA controlled functions for PRA-authorised persons)

(See Note 1)

TypeCFDescription of FCA controlled function
FCA governing functions*1Director function

(see Note 2)

2aChair of the nomination committee function(See Note 2 3)
2bChair of the with-profits committee function(See Note 2 3)
3Chief executive function (see Note 3A)
5Director of an unincorporated association function(See Note 2 3B)
6Small friendly society function (see Note 3C)
10Compliance oversight function
10ACASS operational oversight function
11Money laundering reporting function
40Benchmark submission function
50Benchmark administration function
51Actuarial conduct function (third country)

(see Note 4)

Systems and controls function*28Systems and control function

(see Note 5)

Significant management function*29Significant management function
Customer-dealing function30Customer function
*FCA significant-influence functions
Note 1: Part 2 of this table does not apply to appointed representatives of PRA-authorised persons, Part 1 applies instead. (See SUP 10A.4.2R.)
Note 2: Solvency II firms (including large non-directive insurers) and small non-directive insurers.
Note 3: Solvency II firms (including large non-directive insurers) only.
Note 3A: small non-directive insurers only.
Note 3B: Solvency II firms (including large non-directive insurers) and small non-directive insurers.
Note 3C: small non-directive insurers and large non-directive insurers only.
Note 4: Third country insurance or reinsurance undertakings which are Solvency II firms only.
Note 5: Only Solvency II firms that are:

(a) third-country insurance or reinsurance undertakings; or

(b) ISPVs.