FSA tells CEOs: Responsibility for SIFs all yours

In a letter sent to the CEOs of 5,000 regulated firms, the FSA explains how its regulatory approach will apply to approving and supervising senior personnel performing significant influence functions (SIFs). It says it expects firms to bear the full responsibility for who they hire, even though it will also carry out a 90-minute interview with each prospective SIF and effectively has the power to overrule their application. "An important point to remember is that it is the firm who is responsible for making the application to us for approval of a candidate, and that it remains the fir...