ABSTRACT
The regulatory regime for individuals in all firms regulated under the Financial Services and Markets Act 2000 was the 'Approved Persons Regime'. This chapter explains the division of responsibilities between the PRA and FCA for regulating firms. It shows how any firm may be regulated by the FCA or PRA. The application of the Senior Manager and Certification Regimes (SMCR) is determined by section 71A FSMA. Within that statutory application the regulators have tailored the regime to particular types of firms under their rules. The Senior Insurance Managers Regime (SIMR) is applied by the PRA to insurers and reinsurers. A controlled function is a 'function of a description specified in rules made' by the FCA or PRA: section 59(3) FSMA. A controlled function is a role or position within a firm. A 'PRA-approved person' is a person performing a controlled function who has been approved to do so by the PRA, in respect of a PRA-specified controlled function.
