KIRSTY TURNER ON FCA EXPECTATIONS
Following a recent FCA meeting that John Downs attended, together with an applicant for the SMF16 role in a small IFA practice, I thought it prudent to put together a couple of documents on two areas the FCA focused on – Principles and Threshold Conditions. I also added TCF, and Individual and Senior Manager Conduct Rules.
Following this interview, IFAC are now very clear on one hing: All applicants for IFA and Mortgage retail permissions should study and understand these documents upfront before they start their application.
Read it, internalise it and be prepared to be interviewed on it by a progressive and assertive regulator.
You are expected to understand and be able to articulate these rules when applying for SMF16 or SMF17 roles.
Individual Conduct Rules - FCA
Senior Manager Conduct Rules
The FCA Principles for Business
Threshold Conditions for FCA approval