Approved persons & significant influence functions (SIFs)

The FSA has sent a ‘Dear CEO’ letter to 5,000 regulated firms to reinforce how the FSA’s intensive regulatory approach (‘more intrusive approach’ is used in the letter) applies to approving and supervising senior personnel performing a SIF (basically all the CFs bar the CF30 Customer function).

The letter acts as a reminder of the importance that the FSA continues to place upon governance and the responsibilities of senior management. If you haven’t been lucky enough to receive such a letter you can use the link to view a copy of it.

It also reminds us that the FSA are calling in SIF candidates for interview. Logistically it would seem likely that the FSA will concentrate on higher impact firms – we are advised that since October 2008 the FSA has performed 172 SIF interviews which has resulted in the withdrawal of 18 candidates’ applications.