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Home FCA Handbook SUP SUP 10A SUP 10A.5 Significant-influence functions
You are viewing SUP 10A.5 Significant-influence functions as of . SUP 10A.5 Significant-influence functions was last updated on 07/12/2020.

SUP 10A.5 Significant-influence functions

What are the FCA significant-influence functions?

07/12/2020G

The FCA significant-influence functions, which are specified in SUP 10A.4.1 R, comprise the FCA governing functions (SUP 10A.6). SUP 10A.5 applies to each of the FCA significant-influence functions.

Definition of FCA significant-influence function

01/04/2013R

Each FCA significant-influence function is one which comes within the definition of a significant-influence function.

07/12/2020R

A significant-influence function, in relation to the carrying on of a regulated activity by an appointed representative, means a function that is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the appointed representative’s affairs, so far as relating to the activity.

07/12/2020G

Whether an FCA controlled function is likely to result in the person responsible for its performance exercising significant influence is a question of fact in each case.

07/12/2020G

A function is not a significant-influence function unless it also meets the requirements of SUP 10A.3.1R (Provisions related to the Act).

Periods of less than 12 weeks

07/12/2020R

If:

  1. (1)

    a firm or its appointed representative appoints an individual to perform a function which, but for this rule, would be an FCA significant-influence function;

  2. (2)

    the appointment is to provide cover for an approved person whose absence is:

    1. (a)

      temporary; or

    2. (b)

      reasonably unforeseen; and

  3. (3)

    the appointment is for less than 12 weeks in a consecutive 12-month period;

the description of the relevant FCA significant-influence function does not relate to those activities of that individual.

07/12/2020G

SUP 10A.5.6 R enables cover to be given for, as an example, holidays and emergencies and avoids the need for the precautionary approval of, for example, a deputy. However, as soon as it becomes apparent that a person will be performing an FCA controlled function for more than 12 weeks, the authorised approved person employer of the approved person in question should apply for approval.