SUP 10C.4A FCA governing functions: General

SUP 10C.9 (Minimising overlap with the PRA approved persons regime) explains that in many cases a person performing one of the functions set out in SUP 10C.5 or SUP 10C.5A for a PRA-authorised person will not in fact require approval from the FCA to perform the function and will just require PRA approval.

1. (1)

   An individual sole trader themselves will not need approval to perform any of the FCA governing functions. Therefore the FCA governing functions do not apply to a sole trader with no employees.

2. (2)

   It is possible, although perhaps not likely in practice, that the FCA governing functions could apply to staff working for the sole trader.

3. (3)

   In particular, it is possible for the sole trader to give sufficient authority to a staff member that the staff member meets the Glossary definition of a director.

4. (4)

   This might happen, for example, if the sole trader’s business is so large that the sole trader sets up a governing body to run it.