Due to changes under Senior Managers regime
Proposals for widening out senior managers regime
Explains new 'fit and proper' requirements
Rolled out to all regulated financial services firms from 2018
Treasury committee chairman Andrew Tyrie has called on the regulator to scrap the "fundamentally flawed" approved persons regime for advisers and instead align the sector with the new standards being brought in for the banking industry.
The Financial Conduct Authority (FCA) has welcomed the parliamentary commission on banking standards' (PCBS) recommendations for reforming the banking sector.
The government plans to scrap what it has branded the "failed" approved person regime in financial services and replace it with a new senior persons regime.
The Financial Services Authority is considering major making 'radical changes' to its approved persons regime, according to a report in the Sunday Telegraph.
The new financial regulators will have the power to discipline individuals for activities outside of the controlled functions they perform, under rules proposed by the Financial Services Authority (FSA).