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FSA looks to simplify approved persons regime

The FSA has published a consultation paper outlining proposals to merge the customer functions in the approved persons regime, in response to industry feedback.
The paper follows up an FSA consultation from 2005 detailing a series of proposals to streamline and simplify the Handbook.
It sets out the implications for the approved persons regime on the back of the introduction of Mifid, reminds firms it is their responsibility to carry out appropriate checks on employees and clarifies aspects of the FSA’s approval process.
FSA managing director of regulatory services David Kenmir said: “”Through our Handbook review programme, the FSA is removing regulations whose costs outweigh the benefits they bring. The proposed merger of customer functions offers a further £1 million annual saving for firms.”

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