FSA removes need to report manager roles

clock

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

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Following investigation

Sahar Nazir
clock 05 September 2025 • 2 min read
What will cryptocurrency regulation mean for financial advice?

What will cryptocurrency regulation mean for financial advice?

‘Regulation doesn’t automatically make something a sound investment’

Isabel Baxter
clock 05 September 2025 • 8 min read
Wealth management M&A: Integration is the competitive advantage

Wealth management M&A: Integration is the competitive advantage

'M&A is reshaping UK wealth management at an unprecedented pace'

Jim London
clock 05 September 2025 • 4 min read