A leading industry compliance expert has warned that the FSA's proposed changes to the approved persons regime may have serious repercussions for financial firms.
The FSA published a consultation paper on the subject before Christmas, aimed at clarifying what the FSA expects of individuals who currently perform a 'significant influence' function at a regulated firm. Bill Warren, managing director of Bill Warren Compliance LLP, suggested the FSA has been concerned for some time by the number of individuals with significant influence at firms who have, up until now, been able to avoid the FSA rules with regard to approved persons. Warren warned this will have serious implications, particularly for this firms with senior managers that are not curren...
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