Online Approved Persons Training
Geography Covered: UK | Duration: 45 minutes
The UK Approved Persons regime aims to protect consumers and the UK financial system by ensuring that individuals who work in certain roles in the financial services industry are of high caliber. To achieve this, the Approved Persons regime gives the UK Financial Conduct Authority (FCA) the power to approve individuals to perform key functions specified by the regulators (called 'controlled functions') within, or linked to, a firm that is authorised to conduct regulated financial service activities in the UK. The Approved Persons regime will continue to apply to certain financial firms until the FCA replaces it with the expanded Senior Managers and Certification Regime in late 2018.
The available versions for this course include:
Approved Persons (UK)
The FCA controls the activities and behaviour of approved persons and have authority to discipline those who fail to adhere to high standards of personal conduct and accountability. Among other things, approved persons are expected to demonstrate honesty and integrity, competence and capability, and financial soundness. The Approved Persons training course explains the principles and ethical expectations set forth by the UK Approved Persons regime, as well as the negative consequences for non-compliance.
The Approved Persons regime remains applicable to financial services firms that are not covered by the new Senior Managers and Certification Regime (SMCR) that entered into force on 7 March 2016. The UK government, however, intends to extend the SMCR to all sectors of the financial services industry by late 2018.
The topics covered in the course include:
- Controlled Functions
- Becoming an Approved Person
- Disciplinary Powers
- Statements of Principle
- Code of Practice
- Senior Managers and Certification Regime
Like with all our courses, the Approved Persons training courses are written by attorneys and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.
We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and encourages compliant behavior.
Approved Persons training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.
Already a user?
Request a course trial
The Code of Conduct training course provides basic training on the most important topics most commonly found in nearly every company's Code of Conduct, including conflicts of interest and information security.
Senior Managers & Certification Regime comes into force for UK banks and Solvency II insurance firms early in 2016. The regime is aimed at improving accountability, culture and behavior in the banking and insurance industries. The regulators are focused on creating a new framework that encourages individuals to take greater responsibility for their actions. The result will make it easier for both firms and regulators to hold individuals to account. The regime implements radical reforms demanded by regulators following the 2008-2009 global financial crisis, and represents a major change from the existing Approved Persons regime.