The Financial Services Authority has dropped the requirement on financial services firms to annually report the roles and responsibilities held by senior managers.
A minor change made to FSA reporting requirements today means it is no longer necessary to report who all approved persons with “a significant management function” are and what their roles are within a company by July 31st each year, as previously required under Controlled Functions 16-20 FSA Handbook rules.
The FSA says the administrative change will save the financial services industry around £2m a year, and is part of its commitment to reduce the administrative burden on firms under its better regulation agenda.IFAonline
'Global ETF research centre'
Four new members
RDR the catalyst for DFM growth
Some passive fees reduced by 50%
Creates platform business with £125bn AUA