ABSTRACT
Firms are required to notify the regulators of a wide range of matters. Some of those notifications cause particular difficulties in relation to individuals. The specific obligations placed on firms are subject to the over-arching obligations in the Principles for Business (PRIN) and the Fundamental Rules. If a person performing a controlled function 'ceases to perform' the function in question, the firm must notify the regulator that specified the function on 'Form C' within seven business days. There is no requirement for a firm to notify a regulator that a person is no longer performing a certification function, even if the firm has decided not to issue a certificate to that person on the grounds that the person is not fit and proper. The regulators require a notification on 'Form D' where there has been a 'change in details' of a senior manager, senior insurance manager or other approved person.
